New York City’s Crypto Leadership: Mayor Adams Unveils BitBond & Targets BitLicense

New York City, under the leadership of Mayor Eric Adams, is actively charting a course towards becoming a global epicenter for digital assets. The mayor has consistently championed initiatives designed to integrate cryptocurrency into the city’s economic framework, signaling a bold vision for its financial future.

Pioneering Bitcoin Initiatives

During a recent address at a prominent Bitcoin conference, Mayor Adams unveiled ambitious proposals, including New York City’s pioneering venture to issue a Bitcoin-backed bond, dubbed a “BitBond.” He underscored his dedication to introducing this innovative financial instrument while also indicating a strong intent to dismantle the existing New York BitLicense. This regulatory framework has frequently been cited as a significant impediment to crypto innovation within the state.

Mayor Adams articulated his vision for a future where New York City residents can freely engage with bond investments backed by Bitcoin. He passionately encouraged those involved in the digital asset space to embrace the city as a welcoming environment, stating, “You no longer have to be afraid to be a part of this major industry that has been attacked, criticized, and denied the opportunity to move forward and grow.”

Mayor Adams’ Pro-Crypto Stance

Adams’ steadfast advocacy for digital currencies is well-documented; he is widely known as the “Bitcoin Mayor,” a moniker earned partly by his decision to accept his initial paychecks in Bitcoin and Ethereum. His administration has consistently sought to integrate cryptocurrency into the city’s financial landscape, actively promoting initiatives to position New York as a leading crypto hub. This includes efforts to establish a digital assets advisory council.

Establishing the Digital Assets Advisory Council

This forward-looking approach was further highlighted at New York City’s inaugural crypto summit, co-hosted by Mayor Adams and Chief Technology Officer Matthew Fraser. The event gathered influential figures from the cryptocurrency, blockchain, and fintech sectors to explore how the burgeoning digital asset industry can bolster the city’s economy, draw skilled professionals, and stimulate innovation.

During the summit, Mayor Adams formally announced the formation of a Digital Assets Advisory Council. This council is specifically tasked with attracting significant fintech employment opportunities and investments to the city. Adams reiterated his core objective: to solidify New York City’s status as the global crypto capital. He emphasized that the focus is on leveraging “the technology of tomorrow to better serve New Yorkers today,” rather than merely pursuing fleeting trends.