NYC Mayor Eric Adams Demolishes BitLicense—Proposes ’BitBond’ as Crypto Regulatory Alternative

New York’s crypto crackdown may be crumbling. Mayor Eric Adams just took a sledgehammer to the state’s controversial BitLicense framework—calling it outdated, restrictive, and hostile to innovation.

The proposed replacement? A ’BitBond’ system that would shift oversight from NYDFS to a public-private partnership. Because if Wall Street gets to play fast and loose with financial products, why shouldn’t crypto?

Adams—a Bitcoin booster since his first paycheck conversion—framed the move as necessary to keep NYC competitive. ’Other cities are eating our lunch,’ he warned, nodding to Miami’s regulatory sandbox and Texas’ miner-friendly policies.

The announcement comes as NYDFS faces mounting criticism for its glacial approval pace. Only 25 BitLicenses issued in a decade—while crypto exchanges fled to greener pastures.

Of course, the ’BitBond’ concept raises eyebrows. Handing oversight to industry-aligned groups sounds suspiciously like letting foxes guard henhouses. But after years of regulatory chokeholds, even imperfect alternatives might spark a market rally.

One thing’s certain: the era of ’ask for forgiveness, not permission’ may be coming to America’s financial capital. Whether that’s progress or pandemonium depends on which side of the trade you’re on.