NYC Mayor Doubles Down on Crypto With Call to Kill Bitlicense

New York City is charging ahead to become the global crypto capital, backed by the mayor’s aggressive push to scrap stifling rules and embed blockchain citywide.

‘A Legacy to Leave’: NYC Mayor Pushes to Crown City as Global Crypto Capital

A growing commitment to blockchain and digital assets is reshaping how New York City envisions its financial future, with strong leadership backing industry expansion. New York City Mayor Eric Adams emphasized his continued support for digital assets during a fireside chat at the Tokenization and Programmable Real World Assets Injective Summit on June 26. He revisited his early embrace of crypto, stating:

Taking my first three paychecks in bitcoin was a clear symbolic message I was sending out. Because there’s a lot of misnomers about digital assets.

Despite initial skepticism and criticism, Adams noted that his decision has aged well, pointing to the long-term value gains. He also credited Brock Pierce for sparking his interest in the space and highlighted crypto’s role in reducing costly remittances for New York’s Caribbean diaspora.

Turning to policy, Adams condemned New York’s Bitlicense framework for stifling innovation and deterring crypto startups. He called on the community to actively engage in the legislative process: “If you didn’t learn anything from this last election, where this administration on a federal level is extremely crypto friendly. Because, I think, in the first 120 days, there were almost 60 pieces of legislation that we saw go through the House. We can do that here also.”

The New York City Mayor proposed abolishing the current Bitlicense structure and empowering advocates to lobby state and local leaders to make New York more accommodating for crypto businesses. He stressed:

We have to get rid of the Bitlicense that was put in place about 10 years ago. It was used to demonize the industry. There were people who made the decision that really don’t understand the industry.

Adams further criticized the Bitlicense’s outcomes, highlighting its limited success: “When you only have such a small number of Bitlicenses, it’s clear that this was put in place to stymie the industry.” As of June 2025, only around 30 companies have obtained the license, which requires firms to meet rigorous compliance standards set by the New York State Department of Financial Services (NYDFS). Adams argued that while oversight is important, overly restrictive measures drive innovation away from the state. “You don’t have to stymie the industry to regulate the industry,” he stated, acknowledging concerns about fraud but pointing out that financial crime exists across all sectors.

Looking ahead, Adams expressed a broader vision involving education, regulation, and infrastructure. He plans to integrate blockchain into school curricula and public services, with one aspiration being: “Nothing would give me greater joy than walking into one of our underserved communities and a young person walking to the school and buying a loaf of bread using bitcoin.” Adams views this initiative as part of a larger legacy: “If I’m able to create this city as being the crypto capital of the globe, that’s a legacy to leave.”