NYC Mayor Eric Adams Rolls Out Red Carpet for Crypto—’Build Your Empire Here’
New York City just fired the starting pistol in the race to become crypto’s next capital. Mayor Eric Adams—a Bitcoin booster since his first paycheck conversion—is openly courting blockchain firms with a clear message: plant your flag in the Five Boroughs.
Wall Street’s playground wants to be Web3’s sandbox. The administration’s play? Leverage NYC’s financial infrastructure while cutting through the red tape that’s driven crypto firms to Miami and Singapore. Never mind that the SEC’s enforcement attorneys are just a subway ride away.
Adams bets that crypto’s institutional adoption phase will reward early-friendly jurisdictions. Critics whisper this is just a bid to replace lost commercial tax revenue—because nothing says ’innovation’ like municipal budget gaps.
Mayor Adams Aims To Make NYC The Global Crypto Capital
“This is not just the future; it is here, and it’s here now,” Adams declared, highlighting the rapid growth of technology as one of the city’s fastest-growing sectors. He emphasized that the ongoing technological revolution, characterized by tokenization and other fintech advancements, presents immense opportunities for economic growth.
Adams is particularly focused on the impact of these innovations on underbanked communities, which have historically faced barriers to accessing financial services.
He believes that cryptocurrency can provide new financial avenues for these populations, enabling them to save and manage their resources more effectively. “My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe,” he stated.
The mayor reminisced about his pioneering decision to convert his first three paychecks into cryptocurrency in 2022, a MOVE that was met with skepticism at the time.
“Many people laughed at me, and all I can say is, who’s laughing now?” he remarked, pointing to the significant growth of crypto and blockchain startups in New York City since then. He noted that the city now outpaces Silicon Valley in attracting these innovative firms.
NYC Digital Asset Summit Set For May 20
In a bid to solidify New York’s status as a leader in the crypto space, Adams announced the upcoming New York City Crypto Summit, scheduled for May 20th at Gracie Mansion.
The summit aims to gather key innovators and influencers from the crypto industry to share insights and foster collaboration. “We’re focused on the long-term values of these technologies for our city and its people, not chasing memes or trends,” he explained.
The event promises to facilitate a cross-pollination of ideas and methods that will guide the future of the industry, with a strong emphasis on economic development and public service through digital assets.
Adams underscored the importance of creating a supportive environment for tech companies, ranging from startups to established giants, to thrive in New York City.
As the summit approaches, Adams looks forward to the contributions of notable figures in the digital asset space, such as June Ou, co-founder of Figure Firm, and Richie Hecker, CEO of Traction and Scale.
Featured image from DALL-E, chart from TradingView.com
