The team of New York Mayor Eric Adams has acknowledged an oversight in his financial disclosure report. The error occurred because Adam believed that Bitcoin was not classified as a security.
On Thursday, Adams team addressed the issue, which pertained to a mandatory report submitted to the city’s conflicts of Interest Board.
In the 2022 report, Adams was asked if he possessed any securities, such as stocks, bonds, ETFs, mutual funds, or cryptocurrencies, with market value of $1,000 or more by the end of 2022. He responded “no.” However, concerns arose when it was discovered that his Bitcoin and Ether holdings were not disclosed. As a result, Adams’ team stated that they would rectify the situation.
Fabien Levy, Adams press secretary, explained to The New York Daily News that the omission of his crypto holdings was due to Adams’ understanding that the question specifically referred to securities and not currencies. It is important to note that SEC Chair Gary Gensler has previously stated that Bitcoin is not considered a security.
After taking office in 2022, Mayor Adams made a noteworthy announcement that he planned to receive his initial three paychecks in Bitcoin. However, he later clarified that he actually converted his post-tax salary into cryptocurrency using the Coinbase platform. This decision was part of Adams large strategy to position New York City as a leading hub for the cryptocurrency industry.
After winning the election, Adams expressed his strong vision for New York city in a tweet, statiing, “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”
Similarly, Mayor Francis Suarez of Miami, who has also been vocal about his support for cryptocurrencies, disclosed in his year-end financial report for 2022 that he held approximately $70,000 worth of cryptocurrency.
Also Read: Major Victory For Ripple In SEC Lawsuit, XRP Not A Security!
