Mayor Eric Adams Pushes for BitLicense Repeal to Welcome Crypto Firms Back to NYC
In a bold move to revitalize New York City’s cryptocurrency ecosystem, Mayor Eric Adams has called for the repeal of the BitLicense, a regulatory framework that has long been a stumbling block for crypto businesses. Speaking at Bitcoin 2025, Adams urged crypto firms to ’come back home,’ marking a significant shift in the city’s approach to digital assets. The BitLicense, introduced in 2015, has faced widespread criticism for its high costs and complex compliance requirements, which have driven many companies out of the city. Adams’ announcement signals a potential turning point for NYC’s crypto industry, as the city seeks to reclaim its position as a global hub for innovation and finance. This development could have major implications for platforms like Coinbase, which have historically navigated stringent regulatory landscapes. With the potential repeal of the BitLicense, NYC may once again become a magnet for crypto entrepreneurs and investors, fostering a more inclusive and dynamic digital economy.
Mayor Eric Adams Demands BitLicense Scrap as NYC Attracts Crypto Firms
New York City Mayor Eric Adams has called for the repeal of the controversial BitLicense, a regulatory framework that has long been a barrier for crypto businesses. Speaking at Bitcoin 2025, Adams urged crypto firms to ’come back home,’ signaling a dramatic shift in the city’s stance toward digital assets.
The BitLicense, introduced in 2015, has been criticized for its high costs and complex compliance requirements. Only 34 companies, including Coinbase and Robinhood Crypto, have secured the license, while others like BitQuick have left New York due to prohibitive fees.
Adams, known as the ’Bitcoin Mayor’ for converting his first paycheck into BTC and ETH, is now pushing for broader crypto adoption. His proposal includes a new ’bitcoin Bond’ initiative, though details remain undisclosed.
Tokenization Platform BPX Exchange Added to UK Crypto Register
The BPX Exchange, a digital securities platform for investment funds, has been approved by the UK Financial Conduct Authority (FCA), marking the first new addition to the crypto register since April. The registration allows BPX to offer services to UK clients and approve promotions for affiliated entities, though retail crypto services remain prohibited.
Only 52 firms have gained FCA approval since 2020, with Coinbase and BlackRock among this year’s registrants. The UK continues positioning itself as both a crypto and tokenization hub, advancing legislation to attract blockchain innovation. Tokenization—creating blockchain-based representations of real-world assets—has become a strategic focus for British regulators.
Bitcoin Dips Below $106K as Crypto Markets Cool; Ether Shows Resilience
Bitcoin slid to a nine-day low of $105,750 before recovering slightly to $106,000, marking a 1.5% decline over the past 24 hours. Despite the pullback, BTC remains within 5% of its all-time highs, suggesting underlying strength in the market.
The broader crypto market saw mixed performance, with the CoinDesk 20 index dropping 0.9%. Solana and Avalanche underperformed, falling 1.8% and 2% respectively, while Ethereum and XRP bucked the trend with 1%-2% gains.
Crypto-related stocks mirrored the subdued sentiment, with Coinbase dropping 2.7% and bitcoin miners like Bitfarms and CleanSpark shedding roughly 4%. MicroStrategy, however, gained 0.8%, continuing its divergence from the sector.
Traditional markets added to the risk-off tone as U.S. equities gave back gains following a court ruling on Trump-era tariffs. The reinstatement of these tariffs during the appeals process has introduced fresh uncertainty into global markets.
Market strategist Joel Kruger anticipates heightened volatility as tariff negotiations resume, with a key deadline looming on July 9. Meanwhile, technical analysts are watching ethereum closely for signs of an impending breakout despite the current market softness.
