New York City mayor Eric Adams is said to have promised to amend his yearly financial disclosure form after it became apparent he had not revealed his cryptocurrency holdings. Upon being asked if he owned any security - which included stocks, bonds, ETFs, mutual funds, or cryptocurrencies with a market value of at least $1,000 - the mayor replied with a "no" on his filing. On Thursday, a spokesperson for the mayor shared with the Daily News that Adams unintentionally left out his bitcoin and ether investments, as he erroneously assumed the question was only pertaining to securities.
Mayor Eric Adams of New York City has reportedly promised to amend his yearly financial disclosure document handed to the Conflicts of Interest Board, after failing to include his cryptocurrency investments. Initially, the mayor had not disclosed any cryptocurrency holdings when asked if he had any stocks, bonds, ETFs, mutual funds, or crypto with a value of more than $1,000; his spokesman told the Daily News that Adams misinterpreted the question and thought it only referred to securities. Two of his aides had shared the exact value of their crypto holdings. There has been no response to CNBC's request for comment so far. It is still uncertain how much Adams' crypto assets are worth.
Adams declared his interest in cryptocurrency in 2021 when Bitcoin was up to its peak of nearly $70,000 per coin. Although Bitcoin dropped to $31,500,Adams still showed his commitment to crypto, talking about how he had held onto his cryptoportfolio during the "crypto winter" of 2022. He also stated his intention to take his first three mayoral paychecks in Bitcoin.
Another mayor, Francis Suarez of Miami, reported owning crypto, according to documents from the county elections department. The amount was $71,321 , and Suarez used Jack Mallers' Strike wallet to accept his salary in Bitcoin. His net worth increased to $3.4 million in the same year. It is unknown how much money Suarez was left with after the bear market prices, since his annual salary was $130,000. There was no response from Suarez's team to CNBC's questions.
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