During a crypto summit hosted by Eric Adams, the mayor of New York City, industry leaders and investors made a clear request for the elimination of state regulations governing cryptocurrency. Their ambition is to establish New York as a “crypto sanctuary city,” free from restrictive legislation.
Adams set the tone for the summit, expressing his enthusiasm for the potential economic impact of cryptocurrency. “I smell money, crypto, crypto, blockchain, and all the good things,” he declared to reporters at a press conference before the event commenced.
Currently, companies wishing to operate in New York must secure a BitLicense from state regulators, a process that is often criticized for being overly burdensome. Attendees of the summit, including prominent figures like Mike Novogratz from Galaxy and Nick Spanos, founder of the New York City Bitcoin Center, openly criticized the licensing requirements, both in discussions with the press and in private conversations. They claimed that the stringent regulations deter significant investments in the city.
“We’re giving sanctuary to immigrants,” Spanos remarked, adding, “We can give sanctuary to crypto companies.”
While the mayor does not have the authority to alter state law directly, he has previously advocated for the abolishment of the BitLicense program and reiterated this call during the press conference. “We need your help to lobby Albany to let them know there are important changes needed at the state level to ensure the cryptocurrency and blockchain industry can flourish in our city,” he stated.
Adams’s alignment with the crypto sector is well-documented; he notably converted his initial mayoral earnings into bitcoin. His previous legal troubles surfaced last September when federal prosecutors brought corruption allegations against him, accusing him of receiving unlawful campaign contributions through bribery and wire fraud. However, after the change in federal administration, the case was dismissed, leading to a significant resignation of federal prosecutors.
During his address at the summit, Adams invoked the struggles faced by cryptocurrency advocates, describing them as victims of systemic and governmental challenges. “Look how they treated you. You were audited, lost profits, harassed, and demonized,” he said, emphasizing their status as perceived enemies rather than innovators.
Additionally, Adams announced the establishment of New York City’s inaugural digital asset advisory council, soon to be populated with members from the summit. This initiative closely mirrors a Digital Assets Summit convened during the Trump administration. The Mayor’s office reported that summit participants collectively oversee about $1 trillion in global assets, and while specific attendees were not named, it has been indicated that they were predominantly from innovative startups and family offices involved in digital currency.
