In a bold move underscoring New York City’s ambitions in the digital finance arena, Mayor Eric Adams has unveiled key partnerships with financial titans to propel the city’s crypto aspirations. During a press conference on May 12 at Gracie Mansion, Adams introduced June Ou, founder of Figure, and Richie Hecker, CEO of Traction and Scale, as pivotal advisors. Their mission: to spearhead the city’s exploration of digital assets as a cornerstone for economic development and public service.
New York’s Crypto Renaissance
The announcement punctuates Adams’ steadfast commitment to integrating blockchain technology into the city’s economic framework. “We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends,” emphasized Adams. His call to action was clear: New York City is rolling out the red carpet for innovators in crypto, blockchain, Web3, and fintech sectors. This aligns with broader national discussions, as highlighted in U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer, which could shape the regulatory environment for Adams’ initiatives.
Adams’ affinity for digital currencies is well-documented. Upon assuming office in January 2022, he famously opted to receive his initial paychecks in Bitcoin, signaling his personal investment in the technology. His 2023 financial disclosure revealed Bitcoin holdings valued between $5,000 and $54,999.99, though he hinted at a higher valuation in late 2024.
Navigating Political Waters
Notably, Adams’ announcement comes on the heels of a dismissed corruption case that had cast a shadow over his administration. Accusations of illicit donations from the Turkish government were quashed with prejudice by the Trump-era Department of Justice, preventing any future litigation on the matter. Just days before the crypto announcement, Adams was seen at the White House, reportedly expressing gratitude to former President Donald Trump for his support during the 2024 electoral cycle. This visit coincides with insights from Trump’s Crypto Sherpa Bo Hines Says Crypto Legislation on Target for Quick Completion, suggesting a coordinated effort in advancing crypto-friendly policies.
While some speculate about a connection between his White House visit and the crypto push, Adams remains focused on the upcoming summit scheduled for May 20. This event is poised to be a landmark in New York’s digital transformation, drawing in major industry players eager to shape the future of urban finance.
The Road Ahead
Adams’ strategic alliances with Ou and Hecker could herald a transformative era for New York, positioning the city as a global hub for digital asset innovation. Yet, questions linger. Can these technologies deliver on their promise of equitable economic growth and public service enhancements? As the summit approaches, the city’s crypto ambitions will undoubtedly come under scrutiny.
With the backdrop of an ever-evolving regulatory landscape and the inherent volatility of digital currencies, Adams’ initiative is as daring as it is visionary. As New Yorkers and the world watch closely, the outcomes of these crypto ventures will likely set a precedent for other cities navigating the digital frontier.
The story of New York’s crypto journey is still being written. As Adams and his team forge ahead, the possibilities—and challenges—of this bold new path remain the subject of much anticipation and debate.
Source
This article is based on: NYC Mayor doubles down on crypto push ahead of city summit
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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.
