Eric Adams, mayor of New York City, announced that crypto businesses were welcome in New York (NY) and that the city should be the crypto capital of the world. Adams said that NY was referred to as the Empire State and should not shy away from building a crypto empire.
The mayor is seeking re-election despite facing numerous legal troubles, and wants to assure residents of New York that he will support both small and large crypto businesses. Adams, moreover, has a history of supporting cryptocurrencies, promoting crypto as a viable currency from day one of his job as New York mayor. Adams may be promoting crypto innovation to fit in with President Trump’s pledge to make America the crypto hub of the world.
Adams announced his plans for crypto during a conference at Gracie Mansion, New York City. He plans on attracting crypto businesses to NY by creating crypto-friendly policies. Adams announced that he will employ two crypto advisors to help him accomplish this goal, including June Ou, founder of crypto firm Figure, and Richie Hecker, CEO at Traction and Scale.
The advisors will focus on the economics of crypto innovation to create long-term benefits for the city of NY, and promote startups that contribute to the greater good of society, benefiting everyone. Adams is particularly interested in Web3 innovations and blockchain businesses. He is wary about crypto fads like memecoins because they may not benefit the local economy over the long run.
The US Department of Justice (DOJ) dismissed a corruption case against Adams in April. The DOJ was investigating whether Adams had received illicit donations from the Turkish government. However, the corruption case has been formally dismissed.
There are suggestions that Trump officials may have persuaded the DOJ to drop the case. The DOJ dropped the case with prejudice, meaning that it can’t be reopened. There could have been a deal behind the scenes, with Adams conforming to Trump’s immigration agenda, in return for the DOJ dropping the corruption case.
Adams, moreover, has recently embraced a New York Crypto Summit, where public officials can meet leaders of crypto businesses and discuss ways to promote blockchain technology. Adams wishes to break down the barriers that exist between public officials and blockchain businesses. He believes that open discussions will pave the way for more responsible regulations.
New York public officials, according to Adams, could encourage crypto businesses to make wise decisions regarding the way they operate their projects. Likewise, public officials could learn more about the crypto industry and create policies that encourage growth rather than stifle innovation. Adams expressed a desire to better serve the public, whether that be with digital assets or other means. He wants to engage with the crypto community, using many avenues, including introducing crypto businesses to public officials at a crypto summit.
The New York Crypto Summit will include keynote addresses on the topic of Bitcoin reserves and crypto regulation. The NY Summit seems to take a similar format to President Trump’s federal summit, focusing on regulations that promote business. New York is well known for having very strict crypto licences. Adams, however, believes that regulation, if designed well, can boost crypto businesses rather than impede innovation. The New York Department of Financial Services (NYDFS) is responsible for regulating the local crypto market.
Despite supporting the crypto industry, Adams seems to also support the NYDFS. When asked about the strict rules used by the NYDFS, Adams said that the strict rules stopped bad actors from abusing blockchain businesses. He further believes that regulation is needed so that crypto trading can remain honest and fair for everyone.
