TLDR
- Mayor Eric Adams announced the creation of a Digital Assets Advisory Council for New York City
- The council aims to bring fintech jobs and investment to make NYC the “crypto capital”
- NYC is exploring blockchain use for birth certificates, death records, and payment of city services
- Council chair and policy recommendations will be announced in the coming weeks
- Adams stated the crypto industry was previously “demonized” but now deserves recognition
New York City Mayor Eric Adams is making a strong push to position the city as a global leader in cryptocurrency and blockchain technology.
During the inaugural NYC Crypto Summit held at Gracie Mansion, Adams announced the formation of a Digital Assets Advisory Council aimed at attracting fintech jobs and investment to the city.
The mayor, who received his first three paychecks in Bitcoin and Ethereum back in 2022, addressed a packed audience of crypto enthusiasts and investors.
He reaffirmed his long-standing goal of making New York the “crypto capital of the globe.”
“My goal remains the same as it was day-one as mayor: making New York City the crypto capital of the globe,” Adams told attendees. “We will be creating a digital asset advisory council to bring big fintech jobs and investment right here to the Big Apple.”
While specific details about the council structure remain limited, Adams indicated that the chair and key policy recommendations would be announced in the coming weeks. The council will include experts from across the digital assets sector and is expected to meet regularly to provide strategic input.
“This is not about chasing memes or trends,” Adams clarified. “We want to use the technology of tomorrow to better serve New Yorkers today.”
Public Service Applications
One of the most concrete proposals mentioned involves using blockchain technology for managing vital records. Both Adams and New York City CTO Matthew Fraser highlighted the potential for blockchain to secure sensitive information like birth certificates and death records.
“We’re also looking at the power of blockchain and how it can be used to manage sensitive information, like our vital records,” said Adams. “Bringing blockchain security capabilities to the city means that birth certificates and death records can remain private, but accessible to New Yorkers and their next of kin.”
The city is also exploring whether municipal services and taxes could be paid using cryptocurrency. This could provide financial access to those who have been excluded from traditional banking systems.
Fraser emphasized the urgency of embracing blockchain technology: “We’re not talking about innovation; we’re talking about survival. And if we don’t get in front of this and we don’t build a strategy that works, then we’re going to get left behind.”
Industry Response
The summit brought together various stakeholders including family offices, tech startups, and investment firms. Richard Hecker of Traction and Scale confirmed the participation of several unicorn startups at the event.
Andrew Durgee, co-CEO of Republic, which supports early-stage companies, mentioned that his firm continues to operate in New York despite regulatory challenges. He also noted that more tech professionals are returning to the U.S. from abroad amid developing crypto regulations.
“Now the first time in 15 years, we’re in this scenario, we have no idea what it’s going to look like,” Durgee said, referring to the changing fintech landscape.
Adams used the event to send a clear message that New York is “open for business” in the crypto sector. He likened himself to Captain Kirk from “Star Trek” for his exploration of new boundaries, saying he’s looking for his “Spock” and others to join his mission.
The mayor acknowledged the previous negative treatment of the crypto industry. “You were harassed, you were demonized, you were treated as though you were the enemy, instead of the believers,” he told the audience. “But you withstood it. Your resiliency is admirable, and it will all pay off, because everyone is going to come around.”
The initiative comes as Adams runs for re-election as an independent rather than participating in the Democratic primary, following a federal corruption investigation. The charges against him were dismissed by the Department of Justice in April.
Adams’ renewed focus on crypto also follows the re-election of President Donald Trump, who has made several crypto-related policy moves since returning to the White House. The mayor has aligned himself with the president and his policies.
