Empire State of Crypto? NYC Mayor Eric Adams Wants New York City to Lead the Crypto Revolution With Ambitious Blockchain Vision

2025/05/13 17:08

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New York Bets Big On Crypto As Mayor Adams Pushes Forward With Ambitious Blockchain Summit

Mayor Eric Adams is making another high-profile move to cement New York City’s position in the rapidly evolving world of digital finance.

On 20 May, City Hall will host its first-ever NYC Crypto Summit—a gathering aimed at shaping New York into a global hub for blockchain and digital assets.

This latest step adds weight to Adams’ long-standing support for cryptocurrency, dating back to 2022 when he famously accepted his first three mayoral paycheques in Bitcoin and Ethereum.

“I was the first American mayor to have my initial three paychecks converted into crypto way back in 2022. Many people laughed at me, and all I can say is, who's laughing now?”

That decision, which at the time raised eyebrows, is now serving as a backdrop to his broader agenda.

That is to bring crypto into the mainstream financial conversation of the city.

JUST IN: 🇺🇸 New York City Mayor Eric Adams says he was laughed at for converting his paychecks into crypto.

"All I can say is, who's laughing now?" pic.twitter.com/0lyD7pf6SL
— Watcher.Guru (@WatcherGuru) May 12, 2025

Why NYC Wants To Lead In Crypto Innovation

Standing alongside leading tech figures including Figure’s June Ou and Richie Hecker of Traction and Scale, Adams laid out a vision that goes beyond digital tokens and market trends.

Adams said during a recent press conference,

“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.”

He pointed to the potential benefits blockchain could offer underserved communities, especially those shut out from traditional banking systems.

Reinforcing his stance, he said,

“My goal remains the same as it was on day one as mayor, making New York City the crypto capital of the globe.”

The summit is expected to tackle topics such as a potential state-owned Bitcoin reserve and adjustments to current regulatory frameworks that many argue are too strict for crypto businesses to thrive in the city.

The mayor’s tech team is also weighing in.

Matt Fraser, New York’s chief technology officer, noted that blockchain could enhance access to essential civic records like birth and death certificates—highlighting its role beyond finance.

Tensions Around Regulation And Business Growth

Despite the forward-looking ambitions, there is concern among crypto entrepreneurs that New York’s regulatory environment could stifle innovation.

Adams, aware of the criticism, has pledged a more business-friendly approach, hoping to signal to crypto and fintech companies that the city is serious about change.

Adams said,

“This is the Empire State. We should be looking forward to building empires, particularly in the crypto space.”

One possibility being floated is a Bitcoin Reserve law, similar to what has been proposed in New Hampshire, that would allow the state to hold digital assets as part of its financial portfolio.

Adams’ Political Future And Crypto Alignment

The summit also comes at a pivotal time politically.

Adams is currently running for re-election in 2025, this time as an independent.

He opted to skip the Democratic primary after federal corruption charges against him were dropped last month by a U.S. District Judge.

Today's cover: NYC Mayor Eric Adams dropping out of Democratic primary, will seek re-election as independent https://t.co/oDXGrkipFX pic.twitter.com/GSVlkMloaS
— New York Post (@nypost) April 4, 2025

His alignment with crypto-friendly policies may appeal to voters who previously supported Donald Trump’s pro-crypto stance during the last presidential election.

With both political and technological narratives colliding, the upcoming summit is shaping into a critical moment for Adams’ future—and for New York’s stance on crypto.

Adams repeated a message aimed at startups and investors watching closely.

“If you're into crypto, blockchain, Web3, or the fintech space, New York City is open for business.”

By hosting this summit, the city is not just testing the waters—it’s stepping fully into the race to be a leader in the next era of finance.

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Empire State of Crypto? NYC Mayor Eric Adams Wants New York City to Lead the Crypto Revolution With Ambitious Blockchain Vision

New York Bets Big On Crypto As Mayor Adams Pushes Forward With Ambitious Blockchain Summit

Why NYC Wants To Lead In Crypto Innovation

Tensions Around Regulation And Business Growth

Adams’ Political Future And Crypto Alignment

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