NYC Mayor Eric Adams launches crypto advisory council

New York City Mayor Eric Adams says he will create a digital advisory council to attract jobs and investment to the Big Apple and position it as the “crypto capital of the globe.”

“This is not about chasing memes or trends,” Adams told the inaugural New York City Crypto Summit on May 20. “We want to use the technology of tomorrow to better serve New Yorkers today.”

“We have experts right here, and they are going to help us navigate solutions that serve our city,” he added. “The age of tokenization, which includes crypto and blockchain and other fintech innovations, that age is here, and we’re going to continue to move forward with it.”

Adams didn’t share further details on the advisory group, but said a council chair and key policy recommendations would follow in the next few weeks.

We're taking the next step in becoming the Crypto Capitol of the WORLD, hosting our city's first-ever Crypto and Digital Assets Summit! Join us LIVE as we get started: https://t.co/iwO6ThkaSB

On May 12, Adams announced financial services company Figure and private equity firms Traction and Scale would be assisting the city in its crypto efforts.

New York City will also be exploring whether certain services and taxes can be paid via crypto, according to Adams, along with using blockchain tech to manage sensitive information such as birth certificates and death records.

“Bringing blockchain security capabilities to the city means that birth certificates and death records can remain private but accessible to New Yorkers and their next of kin,” Adams said.

“We want to bring jobs of the future to our city today. That means supporting the development of a more diverse, equitable, inclusive tech ecosystem. We must embrace this emerging technology and build on the success of our economy,” he added.

New York State lawmakers have already introduced several bills to regulate crypto. In April, Assemblyman Clyde Vanel introduced a bill to amend the state’s financial law to allow New York State agencies to accept crypto as payment. 

However, the legislation is yet to reach the state’s full House or Senate.

New York state Senator James Sanders Jr proposed the Blockchain Study Act in February, which would create a crypto task force to investigate the current state of crypto in the State. It has yet to advance past the House. 

Related: Wintermute opens New York office, citing improved US crypto rules

Adams made digital assets a large part of his policy platform after assuming office in January 2022 and announced a plan to accept his first three paychecks in Bitcoin (BTC).

He was indicted on corruption charges over alleged illegal donations from the Turkish government, but Justice Department officials stepped in and directed local authorities to intervene. The case was dismissed with prejudice on April 2, meaning it can’t be reopened.

An increasing number of US states are also working on crypto-related legislation, with at least 18 considering bills to establish a strategic Bitcoin Reserve. Two states, New Hampshire and Arizona, have successfully passed the legislation, according to Bitcoin Reserve Monitor.

Magazine: Crypto City: Guide to New York