Eric Adams, the mayor of New York City, has reportedly pledged to amend his annual financial disclosure form after failing to include his cryptocurrency reserve.

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

fixing the bug

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.

When asked if he owned any securities, including bonds, stocks, mutual funds, ETFs or digital currencies with a market value of more than $1,000, he replied “no.” However, a spokesperson for the mayor said that Adams thought the question was about securities only, which is why he did not mention his bitcoin and ether holdings.

Eric Adams. Source: Yahoo

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

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

It’s unclear how much Adams’ stash of cryptocurrency is worth. He seems to be a proponent of bitcoin and vowed to let crypto thrive during his mayoral campaign in 2021.

The politician He suggested that children should study the main digital asset and its underlying blockchain technology in schools. Adams also hinted that her office could allow local businesses to accept cryptocurrency as a form of payment.

Starting his new political role, he promised to receive his first three salaries in bitcoins instead of US dollars. He reaffirmed its move in January 2022 (despite signs that the market could go into bearish mode).

The mayor of Miami is also a HODLer

The coverage further reported that Miami Mayor Francis Suarez reported cryptocurrency holdings of more than $70,000 by the end of 2022. The 45-year-old, who joined the US presidential race last month, become the first American politician to receive his salary in bitcoin in November 2021.

He accepted being a HODLer several months before that, saying that he had invested in BTC and ETH. He bought bitcoins “in his 30s,” which means his investment is still in the red. However, ether was worth around $1,500 when he entered the ecosystem, while it is currently trading at almost $2,000.

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This post New York City Mayor to Amend His Financial Disclosure Form After Not Including Crypto Holdings (Report)

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