TLDR
- Mayor Eric Adams is inviting crypto companies to establish themselves in New York City with the goal of making it a global crypto hub
- Adams plans to host NYC’s first Crypto Summit next week to bring together city officials and industry representatives
- He announced partnerships with Figure founder June Ou and Traction and Scale CEO Richie Hecker as advisers for the city’s crypto efforts
- Adams previously received his first three paychecks in Bitcoin and reported holding between $5,000-$54,999.99 worth of Bitcoin
- Trump’s DOJ officials directed prosecutors to drop corruption charges against Adams earlier this year, with the case dismissed with prejudice
New York City Mayor Eric Adams has renewed his commitment to making the city a hub for cryptocurrency and blockchain technology. At a press conference held at Gracie Mansion on May 12, Adams invited crypto companies to set up operations in New York as part of his vision to transform the city into the “crypto capital of the globe.”
“This is the Empire State,” Adams said during the press briefing. “We should be looking forward to building empires, particularly in the crypto space.”
The mayor, who is currently running for reelection, emphasized his dedication to creating a business-friendly environment for crypto companies both large and small. His goal remains consistent with his initial campaign promises.
“My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe,” Adams stated. His vision aligns with President Donald Trump’s repeated pledge to make the United States the “crypto capital of the planet.”
Strategic Partnerships and Summit Announcement
During the press conference, Adams announced partnerships with key figures in the financial technology sector. June Ou, founder of financial services company Figure, and Richie Hecker, CEO of private equity firm Traction and Scale, will serve as advisers to the city.
These advisers will help guide New York’s next steps in “economic development and opportunities to serve the public using digital assets,” according to the mayor. Their expertise will help shape the city’s approach to embracing blockchain technology.
Adams also announced that next week he will host New York City’s first-ever Crypto Summit. The event will bring together city officials and representatives from the crypto industry.
“We’re going to attract world-class talent, provide opportunities for underbanked communities, and make government more user-friendly,” Adams explained. “We are focused on the long term values of these technologies for our city and its people, not chasing memes or trends.”
The summit appears to follow in the footsteps of the White House Digital Asset Summit held in March. Adams’ administration described the event as “coming on the heels of the White House Digital Asset Summit.”
Adams has previously shown personal commitment to cryptocurrency. After taking office in January 2022, he received his first three paychecks in Bitcoin.
According to a 2023 financial disclosure, the mayor reported holding between $5,000 and $54,999.99 worth of Bitcoin. He suggested the value was higher in a December 2024 press conference.
The mayor’s crypto push comes after legal challenges earlier this year. Adams had faced corruption charges over alleged illegal donations from the Turkish government.
However, Justice Department officials appointed by President Trump stepped in and directed local prosecutors to drop the charges. The case was dismissed with prejudice in April.
Adams visited the White House on May 9, reportedly to thank Trump for his “words of support” during his 2024 campaign. It remains unclear if the May 12 announcement is connected to this meeting.
The mayor addressed regulatory concerns during the press conference. New York’s crypto industry is regulated by the New York Department of Financial Services (NYDFS), which issues the Bitlicense required for crypto companies operating in the state.
While Adams has previously criticized the Bitlicense as stifling innovation, he took a more balanced approach in his recent remarks. “It’s good to know that the city is going to have safe regulations in place for those who are investing, and there’s not going to be any abuses,” he said.
However, he cautioned against excessive regulation. “But at the same time, we can overregulate and prevent growth. There’s a level of safety that comes with the right regulations, but overregulations can hurt this industry and we don’t want that to happen.”
The Crypto Summit is scheduled for May 20, where more details about the city’s plans for cryptocurrency integration may be revealed.
