Mary’s University’s law school, said Adams and other politicians who have signaled support for cryptocurrency are trying to attract a wealthy new political constituency. ![]() government and many states have been wary of cryptocurrency, a small number of cities and local officials have embraced it.Īngela Walch, a professor at St. “It’s no different than taking the proceeds of his regular paycheck and just buying Bitcoin for himself,” Yermack said in an email. “We have concerns about both the volatility and energy consumption of cryptocurrencies, and will continue to watch developments in the cryptocurrency industry closely,” said Shaquana Chaneyfield, a spokesperson for Lander.ĭavid Yermack, the chair of the finance department at New York University’s Stern School of Business, said the announcement was “little more than a publicity stunt.” New York City Comptroller Brad Lander, whose office oversees public pension funds, said the city’s retirement systems have no plans to invest in digital currencies. In November, Adams flew to a political conference in Puerto Rico on the private jet of Brock Pierce, a former child actor and cryptocurrency entrepreneur.Ī spokesperson for Adams at the time told The New York Post that Adams paid for the ride through a travel agent. Volatility is part of some of the investments that we make.” I lost thousands of dollars in the stock market during the stock market crash in my retirement fund. When asked in November whether it would be a bad economic strategy and conflict of interest for the mayor, Adams told CNN: “I’m using my personal money. Investors rely on market-driven changes in the value of cryptocurrency to make a profit. That can make it difficult to assess their value. They don’t have a country’s government backing them, a central bank, interest rates, or a long history of exchange rates against other currencies. “Cryptocurrencies are high-risk, unstable investments that could result in devastating losses just as quickly as they can provide gains,” James said.Īdams has suggested that cryptocurrency and blockchain technology, a digital ledger where cybercurrency transactions are recorded, should be taught in schools.Ĭryptocurrency is a type of digital money that uses encryption technology to track transactions. ![]() State Attorney General Letitia James has investigated cryptocurrency trading platforms and warned last year that investors “should proceed with extreme caution when investing in virtual currencies.” “Mayor Adams is dead wrong and his ignorance could cost New Yorkers millions of dollars in energy bills while killing local economies, poisoning our water and filling our air with deadly C02 emissions,” the group said in a statement. New crypto oversight legislation arrives as industry shakes
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