• NYC Mayor Eric Adams has reportedly pledged to amend his annual financial disclosure form after failing to include his cryptocurrency stash.
• He asked if he could correct the document filed with the Conflicts of Interest Board since he misunderstood one of the questions.
• So far, the US CFTC determined only BTC is a commodity, while the situation with ETH remains uncertain.
NYC Mayor Fails To Include Crypto Holdings On Financial Disclosure Form
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.
Conflicts Of Interest Board Involved
He 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 for Mayor Adams said that he thought this question referred only to securities and not bitcoin or ether holdings.
US CFTC’s Position On Cryptocurrencies
So far, the US CFTC determined only Bitcoin is a commodity and Ethereum’s status remains uncertain. Gary Gensler – Chairman of the US Securities and Exchange Commission – also claimed that Bitcoin was currently classified as a commodity by U.S regulatory authorities. However Gensler avoided direct explanation regarding Ethereum when questioned by the House Financial Services Committee several months later.
Mayor Adams’ Cryptocurrency Holdings Unclear
It remains unclear how much cryptocurrency Eric Adams holds in total or which particular digital assets are part of his portfolio at this time. Although it appears that some portions of his salary have been paid out in Bitcoin rather than fiat money in recent years due to his pro-crypto stance on various issues related to blockchain technology and decentralized finance (DeFi). This suggests that he does possess some amount crypto-assets but exact figures remain unknown at present moment in time..
Conclusion
In conclusion, NYC Mayor Eric Adam has taken steps to amend his annual financial disclosure form after failing to include crypto holdings when answering a question about securities ownership earlier this year