New York Mayor Eric Adams Encourages Crypto Sector: Establish Your Headquarters in NYC
NEW YORK, NY — New York Mayor Eric Adams is making a direct appeal to crypto companies that are returning to the U.S. or expanding their presence: consider establishing operations in New York City. “This is the Empire State,” Adams stated during a press briefing at Gracie Mansion on Monday. “We should be looking forward to building empires, particularly in the crypto space.”
Adams, who is campaigning for reelection, reiterated his commitment to making New York City a crypto hub. He expressed his intention to collaborate with tech and crypto companies, both large and small, to cultivate a supportive environment that will help them thrive. “My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe,” Adams said. His remarks resonate with similar ambitions expressed by various leaders aiming to position the U.S. prominently in the global crypto landscape.
Next week, Adams is hosting New York City’s inaugural Crypto Summit, aiming to gather city officials and representatives from the crypto industry to explore mutual benefits. In an April press release about the summit, Adams’s administration described the event as following the White House Digital Asset Summit held in March.
“We’re going to attract world-class talent, provide opportunities for underbanked communities, and make government more user-friendly,” Adams said. “We are focused on the long-term value of these technologies for our city and its residents, not chasing fleeting trends.”
Earlier this year, there were controversies involving officials at the Department of Justice who directed prosecutors in the Southern District of New York to drop corruption charges against Adams, which led to an exit of career prosecutors. The charges were eventually dismissed with prejudice by a judge.
New York’s crypto industry, along with its banking and insurance sectors, is regulated by the New York Department of Financial Services (NYDFS), known for its stringent regulations. NYDFS issues the relatively hard-to-obtain Bitlicense, a special permit necessary for crypto operations within the state. Previously, Adams has criticized the Bitlicense for being overly restrictive but has shown a more conciliatory stance towards NYDFS in recent discussions.
He noted, “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.” However, he warned, “We can overregulate and prevent growth. There’s a level of safety that comes with the right regulations, but overregulation can hurt this industry, and we want to avoid that.”
