NYC Mayor Eric Adams Doubles Down on Crypto Hub Ambitions—Wall Street Grumbles Into Its Coffee
New York City’s mayor isn’t just hodling—he’s pushing to turn the Big Apple into Bitcoin’s backyard. Eric Adams, who famously took his first paycheck in crypto, now wants to outpace Miami and Singapore with blockchain-friendly policies.
The plan? Streamline regulations, attract crypto startups, and maybe—just maybe—make Wall Street obsolete. (Okay, not really. But let a fintech bro dream.)
Critics whisper about volatility and scams, while finance giants roll their eyes at yet another disruption. Meanwhile, Adams bets that being early—and loud—might just pay off. Again.
NYC Mayor Eric Adams says his goal is to make "New York City the crypto capital of the globe." pic.twitter.com/EQHSxNESnQ
— Watcher.Guru (@WatcherGuru) May 12, 2025
The crypto summit next week will host a variety of crypto companies to discuss mutual benefits between the city and the crypto industry. New York’s crypto industry — as well as its banking and insurance industries — is regulated by the New York Department of Financial Services (NYDFS), which has a reputation as a tough regulator. NYDFS issues the notoriously difficult-to-get Bitlicense, a special license required to do business as a crypto company in New York. Adams, who is running for re-election as mayor, is openly against the Bitlicense, and follows a similar crypto stance to US president Donald Trump.
“Technology in New York City is one of New York City’s fastest-growing industries,” Adams also said Monday. “And we’re in the midst of nothing short of a technological revolution, the age of tokenization, which includes crypto, blockchain, and other fintech innovations. It’s not the future, it is here, and it’s here now. And when it comes to immense opportunities to grow our economy, it’s New York.”
Furthermore, when asked about New York’s regulatory environment on Monday, however, Adams seemed to strike a more conciliatory tone towards NYDFS, saying that “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.” “But at the same time, we can overregulate and prevent growth,” Adams added. “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 New York City crypto Summit is scheduled for May 20th.
