New York City’s Mayor Eric Adams has taken a bold step to cement the Big Apple as a global leader in digital finance by launching a crypto advisory council. Announced at the inaugural New York City Crypto Summit on May 20, Adams revealed plans to utilize cutting-edge technology to bolster the city’s economy and create job opportunities in the burgeoning blockchain sector. “This is not about chasing memes or trends,” Adams declared, emphasizing a future-focused approach to leveraging digital assets.
Charting a New Course for NYC
The newly announced advisory council aims to harness the expertise of local specialists to shape pragmatic policies around cryptocurrencies and blockchain innovations. Although details remain sparse, Adams assured attendees that a council chair and strategic recommendations would be unveiled in a few weeks. By collaborating with financial services company Figure and private equity firms Traction and Scale, the city intends to integrate cryptocurrency into its financial ecosystem. These moves are designed to transform NYC into a “crypto capital,” drawing investment and talent from around the globe.
But what does this mean for New Yorkers? For one, the city is exploring options to accept cryptocurrency for service payments and taxes. According to Adams, blockchain technology could also revolutionize the management of sensitive records, such as birth and death certificates, offering enhanced privacy and security. “Bringing blockchain security capabilities to the city means that birth certificates and death records can remain private but accessible,” Adams noted.
Legislative Landscape and Future Prospects
The initiative arrives amid a flurry of legislative activity. New York State lawmakers have been busy, with Assemblyman Clyde Vanel proposing a bill to amend state financial law to allow crypto payments to state agencies. While this legislation has yet to progress through the state’s full House or Senate, it signals a growing acceptance of digital currencies within government circles. This mirrors the broader national conversation, as detailed in U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer. Similarly, Senator James Sanders Jr.’s Blockchain Study Act, aimed at establishing a task force to examine the crypto landscape, is awaiting further action.
Adams has been a vocal advocate for digital assets since taking office in January 2022, famously opting to receive his first three paychecks in Bitcoin. The mayor’s enthusiasm for cryptocurrencies was somewhat overshadowed by recent legal troubles, as he faced—and was cleared of—corruption charges related to foreign donations. Nonetheless, his commitment to cryptocurrency remains unwavering.
A City Poised for Blockchain Innovation
The recent developments in New York are part of a broader national trend, with at least 18 states considering bills to establish a strategic Bitcoin Reserve. New Hampshire and Arizona have already passed such legislation, according to Bitcoin Reserve Monitor. This momentum reflects a growing recognition of the potential economic benefits offered by digital assets—benefits that Mayor Adams is keen to capture for New York City. For a deeper dive into the regulatory implications, see US crypto groups urge SEC for clarity on staking.
Adams’ vision for a more diverse, equitable tech ecosystem is ambitious, but the path forward is filled with challenges. The city’s embrace of cryptocurrency raises questions about regulatory hurdles and the integration of blockchain into traditional financial systems. However, as Adams and his team navigate these complexities, the potential for New York City to become a beacon of innovation in the crypto space remains tantalizingly within reach.
As the city moves to implement these ambitious plans, the world will be watching closely. Will New York City’s gamble on digital finance pay off? Only time will tell, but one thing is clear: the age of tokenization is here, and NYC is ready to lead the charge.
Source
This article is based on: NYC Mayor Eric Adams launches crypto advisory council
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
