NYC Mayor doubles down on crypto push ahead of city summit

New York City Mayor Eric Adams announced partnerships between the city and financial firms as part of his crypto plans.

In a May 12 press conference at Gracie Mansion, the city’s official mayoral residence, Adams said June Ou, founder of financial services company Figure, and Richie Hecker, CEO of private equity firm Traction and Scale, would be assisting the city in its crypto efforts. He spoke of Ou and Hecker acting as advisers for New York City’s next steps in “economic development and opportunities to serve the public using digital assets.” 

“We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends,” said Adams, adding:

Adams made digital assets a large part of his policy platform after assuming office in January 2022, when he announced plans to accept his first three paychecks in Bitcoin (BTC). In a 2023 financial disclosure, the mayor reported holding between $5,000 and $54,999.99 worth of Bitcoin, but suggested it was worth more in a December 2024 press conference.

Adams had been facing corruption charges over alleged illegal donations from the Turkish government, but Justice Department officials appointed by US President Donald Trump stepped in and directed local authorities to intervene.

The case was dismissed with prejudice, meaning it cannot be reopened, in April, and Adams traveled to the White House on May 9 to reportedly thank Trump for his “words of support” during his 2024 campaign.

Related: 8 major crypto firms announce US expansion this year

It’s unclear whether Adams’ May 12 announcement was related to his meeting with the president, who has also pushed significant policies related to digital assets since taking office. Cointelegraph reached out to the mayor’s office for comment, but had not received a response at the time of publication.

Adams announced in April that the city would be hosting its own crypto summit on May 20.

Magazine: Crypto City: Guide to New York