NYC Mayor to Amend his Financial Disclosure Form After Failing to Include Crypto Holdings (Report)

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NYC Mayor to Amend his Financial Disclosure Form After Failing to Include Crypto Holdings (Report)
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Eric Adams – the mayor of New York City – has reportedly pledged to amend his annual financial disclosure form after failing to include his cryptocurrency stash. 

The former police officer is an outspoken proponent of bitcoin and received some of his salaries in BTC instead of fiat currency. 

Fixing the Mistake

As reported by CNBC, Adams asked if he could correct the document filed with the Conflicts of Interest Board since he misunderstood one of the questions.

Asked whether he held any securities, including bonds, stocks, mutual funds, ETFs, or digital currencies with a market value of over $1,000, he responded “no.” A spokesman of the mayor, though, said Adams thought the question referred only to securities, which is why he did not mention his bitcoin and ether holdings.

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Eric Adams. Source: Yahoo

So far, the US CFTC determined only BTC is a commodity, while the situation with ETH remains uncertain. Gary Gensler – the Chairman of the US Securities and Exchange Commission – also claimed that the only digital currency that could classify as a commodity is bitcoin. 

However, he avoided direct explanation regarding ether a few months later when questioned by the House Financial Services Committee.

It remains unclear how much Adams’ crypto stash is worth. He seems as a proponent of bitcoin and promised to let crypto thrive during his mayoral campaign in 2021.

The politician suggested that children should study the primary digital asset and its underlying blockchain technology in schools. Adams also hinted that his cabinet might allow local businesses to accept crypto as a form of payment.

Upon starting his new political role, he vowed to take his first three salaries in bitcoin instead of US dollars. He reaffirmed his move in January 2022 (despite signs that the market could enter a bear mode).

Miami’s Mayor is Also a HODLer

The coverage further informed that the mayor of Miami – Francis Suarez – reported cryptocurrency holdings of over $70,000 at the end of 2022. The 45-year-old, who joined the US presidential race last month, became the first American politician to receive his salary in bitcoin in November 2021.

He admitted being a HODLer several months before that, saying he had invested in BTC and ETH. He purchased bitcoin “in the high 30s,” meaning his investment is still in the red. However, ether was worth around $1,500 when he entered the ecosystem, whereas it trades at almost $2K currently.

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