TLDR
- Mayor Eric Adams announced partnerships with Figure’s June Ou and Traction and Scale’s Richie Hecker as crypto advisors
- Adams declared NYC “open for business” for crypto firms during May 12 press conference
- Trump-appointed DOJ officials dismissed corruption charges against Adams in April
- NYC will host its first Crypto Summit on May 20
- Adams aims to make New York the “crypto capital of the globe,” echoing similar pledges from President Trump
New York City Mayor Eric Adams has doubled down on his commitment to making the city a global crypto hub with new partnerships and an upcoming summit. During a May 12 press conference at Gracie Mansion, Adams unveiled his plans to work with key figures in the financial sector to advance the city’s crypto agenda.
Adams announced partnerships with June Ou, founder of financial services company Figure, and Richie Hecker, CEO of private equity firm Traction and Scale. These industry leaders will serve as advisors for New York City’s next steps in “economic development and opportunities to serve the public using digital assets.”
The mayor made his position clear during the press conference. “If you’re in the crypto, blockchain, Web3 or the fintech space, New York City is open for business,” Adams stated.
This push comes as Adams continues to emphasize digital assets as a key part of his policy platform. Since taking office in January 2022, the mayor has been vocal about his support for cryptocurrency. He previously announced plans to accept his first three paychecks in Bitcoin.
In a 2023 financial disclosure, Adams reported holding between $5,000 and $54,999.99 worth of Bitcoin. During a December 2024 press conference, he suggested his holdings had increased in value.
Regulatory Balance
When asked about New York’s regulatory environment, Adams addressed concerns about the state’s BitLicense requirements. “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,” Adams said.
He added a note of caution about overregulation. “But at the same time, we can overregulate and prevent growth. 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 mayor had previously been critical of the BitLicense, claiming it stifled innovation shortly after taking office in 2022. The license, issued by the New York Department of Financial Services (NYDFS), is known for being difficult to obtain.
Adams emphasized the city’s focus on long-term value rather than short-term trends. “We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends,” he said.
The mayor highlighted his vision for how crypto could benefit New York City. “We’re going to attract world-class talent, provide opportunities for underbanked communities, and make government more user-friendly,” Adams explained.
White House Connection
Adams’ renewed crypto push comes after some legal troubles were resolved. The mayor had been facing corruption charges over alleged illegal donations from the Turkish government. However, Justice Department officials appointed by US President Donald Trump stepped in and directed local authorities to intervene.
The case was dismissed with prejudice in April, meaning it cannot be reopened. Adams traveled to the White House on May 9, reportedly to thank Trump for his “words of support” during his 2024 campaign.
This connection is worth noting as President Trump has also pushed several policies related to digital assets since taking office. Trump has repeatedly stated his desire to make the U.S. the “crypto capital of the planet,” a phrase echoed by Adams for New York City.
Adams announced that the city would be hosting its own crypto summit on May 20. In an April press release, the administration described the event as “coming on the heels of the White House Digital Asset Summit in March.”
The summit will bring together city officials and representatives from the crypto industry to discuss ways the city can benefit from crypto and how the industry can thrive in New York.
Adams, who is running for reelection, made it clear that his commitment to crypto remains unchanged. “My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe,” he stated during the press briefing.
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