New York City Mayor "Make NY the Capital of Cryptocurrency" Accelerates Attraction of Global Companies at First Summit

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The main points of this article

• NYC Mayor Aims to Host First Summit to Become the "Cryptocurrency Capital"
• Intensifying the recruitment of global companies to promote the cryptocurrency industry
• Seeking improvements to the stringent regulation "BitLicense"
• Collaborating with the U.S. government, aiming to revitalize the cryptocurrency industry through public-private partnerships.

Table of Contents* 1. New York City Mayor expresses support for the cryptocurrency industry

• 2. Mayor Adams discusses specific cryptocurrency strategies

• 2.1. "Turning New York City into the Capital of Cryptocurrency"
• 2.2. Elimination of Financial Disparities through Cryptocurrency
• 2.3. Purpose of the Summit and Collaboration between Industry, Government, and Academia
• 2.4. Focus on long-term value rather than meme coins.
• 2.5. Balancing Appropriate Regulation and Innovation

• 3. The cryptocurrency reform promoted by Mayor Adams
• 4. The Road to Becoming the Cryptocurrency Capital of New York City

• 4.1. Challenges of the Strict Regulation 'BitLicense'
• 4.2. U.S. Government and New York City's Cryptocurrency Initiatives

• 5. New York City to Promote Cryptocurrency through Public-Private Partnership

New York City Mayor Expresses Support for the Cryptocurrency Industry

New York City Mayor Eric Adams reaffirmed his vision to make New York City the capital of the world for cryptocurrency and blockchain technology during a press conference on May 12, 2025, calling on leaders in the cryptocurrency industry to establish their businesses in New York.

An official cryptocurrency summit, the first of its kind, is scheduled to be held on the 20th of the same month in the city. This summit is expected to invite numerous founders and CEOs from the cryptocurrency (digital asset), blockchain, and fintech industries, as well as investors, to discuss measures for economic revitalization and innovation promotion through the cryptocurrency industry.

Mayor Adams stated at a press conference, "New York has long been the financial center of the world, but it is now becoming a hub of innovation in blockchain technology and cryptocurrency that rivals Silicon Valley," reiterating the city's commitment to actively adopting and developing advanced technologies.

However, on the other hand, there are still challenges in the regulatory environment in New York State.

In particular, the "BitLicense" issued by the New York State Department of Financial Services (NYDFS) is a mandatory license for cryptocurrency operators to conduct business within the state, and its difficulty to obtain and high costs are causing many companies to shy away from it.

In this situation, Mayor Adams emphasized the importance of balancing "investor protection through appropriate regulation" and "innovation hindrance due to excessive regulation."

This is being interpreted as a clear message that New York City will continue to welcome the cryptocurrency industry and support sustainable development.

Mayor Adams Discusses Specific Cryptocurrency Strategies

Mayor Adams emphasized during a press conference held in conjunction with the summit that New York City has a long-term commitment to the cryptocurrency industry and outlined several key points.

"Make New York City the Capital of Cryptocurrency"

Mayor Adams stated, "My goal is to consistently make New York City the global capital of cryptocurrency from day one of my tenure," emphasizing early support for cryptocurrency.

Mayor Adams made a bold attempt in January 2022 to receive his first three salary payments in Bitcoin (BTC) and Ethereum (ETH), stating, "Many laughed at me back then, but who is laughing now?" emphasizing the rapid growth of the cryptocurrency industry.

Elimination of financial disparity through cryptocurrency

Mayor Adams stated that "new forms of finance could benefit communities that have not had access to banks," referring to the potential for financial inclusion.

To attract global talent and promote economic growth, it is necessary for New York to be at the forefront of technological innovation, stating, "We will work together from tech startups to global corporations to create a friendly environment where success can be achieved in New York."

Purpose of the Summit and Industry-Academia Collaboration

Regarding the first cryptocurrency summit to be held on May 20, Mayor Adams explained that "cryptocurrency innovators and influencers will gather to share valuable insights and experiences to chart the way forward."

Through keynote speeches and exchanges of opinions, the aim is to promote "cross-disciplinary exchange of ideas and know-how" and to lead the industry "in the right direction" towards economic development and improvement of citizen services utilizing digital assets.

He emphasized that "New York City is open to cryptocurrency, Web3, and fintech, and if you want to do business, there is no place like New York," positioning the summit itself as a demonstration of the city's strong commitment and public-private partnership.

"Focus on long-term value instead of meme coins"

In the cryptocurrency industry, speculative meme coins such as Dogecoin (DOGE) and Pepe (PEPE) often come up in discussions, but Mayor Adams stated, "We are focused on long-term value and do not intend to chase trendy memes or trends," indicating a commitment to building a sound technological foundation.

He added, "That is why we gather leaders from various fields to seek advice on the next steps," clearly emphasizing a stance focused on sustainable industry development rather than a short-term boom.

Balancing appropriate regulation and innovation

Mayor Adams mentioned the regulatory environment in New York State, stating, "Proper regulation provides safety, but overregulation harms this industry. We do not want that."

While emphasizing the need for strong rules to protect investors, we should pursue balanced regulatory measures that do not hinder innovation and growth, concluding the speech with the message that "New York State should focus on becoming a global leader in the cryptocurrency sector."

Mayor Adams has shown a willingness to seek necessary relief measures while coordinating with state regulatory authorities in response to questions from the press.

Mayor Adams Advances Cryptocurrency Reform

Mayor Adams' recent comments and vision are closely related to New York City's past cryptocurrency policies and the current political situation. Since publicly expressing his support for Bitcoin, he has consistently aimed to transform New York into a cryptocurrency-friendly city.

In November 2021, immediately after being elected, he declared that he would "make New York City the center of the cryptocurrency industry," showing a competitive spirit against last year's Miami mayor, who had previously announced the acceptance of salary in Bitcoin.

Upon taking office, I executed the conversion of my first salary into cryptocurrency as promised, stating in an official statement that "New York is the center of the world and I hope it becomes the center of cryptocurrency and financial innovation."

In response to the mayor's stance, there were already voices of welcome from the industry.

In January 2022, John Wu, the president of the blockchain company Ava Labs, stated, "The support for cryptocurrency by Mayor Adams was the deciding factor in choosing to establish our headquarters in New York City." Michael Gronager, the CEO of the cryptocurrency data company Chainalysis, also commented, "The new mayor's declaration of support for the industry has further solidified our decision to choose New York as our headquarters."

Such testimonies indicate that the ambitions of cryptocurrency companies around the world to expand into New York can be heightened depending on the mayor's vision.

The Road to Becoming the Cryptocurrency Capital of New York City

Challenges of the Strict Regulation "BitLicense"

However, there are still high hurdles in the form of state regulations in New York. The aforementioned BitLicense system, introduced in 2015, has been a factor that has caused many cryptocurrency companies to shy away and withdraw from the state.

Mayor Adams himself criticized this licensing requirement as "a hindrance to innovation" shortly after taking office in April 2022, advocating for its abolition.

However, since the licensing system is state law, it cannot be directly changed by the mayor's authority, and as of now, the NYDFS has not relaxed its stance on regulatory strengthening. Therefore, it is believed that the mayor has indicated a tone of "striving for a balance between industry development while coordinating with regulatory authorities" this time.

US government and New York City's cryptocurrency initiative

Moreover, this move is linked to the overall trend of cryptocurrency policy across the United States. Since Donald Trump was re-elected and took office in 2024, he has made his support for cryptocurrencies clear, and in March 2025, he hosted the first-ever "Cryptocurrency Summit" at the White House, presenting initiatives as a federal government.

President Trump has reiterated his declaration to "make America the capital of cryptocurrency" and has pledged to "ease regulations on cryptocurrency and turn the U.S. into an unparalleled Bitcoin powerhouse."

The cryptocurrency summit in New York City was planned in response to this White House-led initiative, and Mayor Adams himself stated that he was "inspired by the White House cryptocurrency summit in March."

The mayor has also expressed his intention to run for re-election as an independent in the mayoral election this November without going through the Democratic primary, and there are expectations for support from political groups and investors in the cryptocurrency industry.

Mayor Adams visited the White House on May 9 to meet with President Trump, and it has been reported that they exchanged views on cooperation and support regarding cryptocurrency policy.

New York City to Promote Cryptocurrency through Public-Private Partnerships

Mayor Adams revealed at a press conference that he has appointed June Wu, the founder of the blockchain-focused company Figure, and renowned investor Richie Hecker as advisors.

By welcoming a new technical advisor, we aim to seek advice on blockchain and Web3 utilization strategies in New York City.

The mayor is calling out, "New York City is open to everyone in the fields of cryptocurrency, blockchain, Web3, and fintech. Let’s build the future together," and specific initiatives through public-private partnerships are expected to be announced in detail after the summit.

Market participants are expressing hope that "New York may once again become a hub for cryptocurrency startups," and there are analyses suggesting that New York's cryptocurrency industry, which had been sluggish until 2023, is beginning to regain its vitality.

As the world's financial hub, New York is attracting intense attention from the global cryptocurrency industry regarding Mayor Eric Adams' bold vision of transforming the city into the "capital of the world's cryptocurrency and blockchain industry."

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Source: YouTube channel "Forbes"

Writing & Translation: BITTIMES Editorial Department

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