New York City Mayor Eric Adams recently unveiled plans to establish a digital asset advisory council. Aimed at attracting fintech businesses and investment to the city, this initiative follows earlier commitments to position New York as a key crypto hub. However, the announcement has drawn mixed reactions from the community.
Revealed at a city summit, the creation of this council seeks input from experienced industry professionals, with Adams stating its purpose is to bring jobs and capital while telling the government to “get out of the way.” He indicated a chair would be appointed shortly to help formulate policy recommendations guiding the sector beyond mere speculative tokens.
This latest step occurs despite Adams’ 2021 campaign pledge to make NYC a crypto industry leader. He publicly accepted his initial salary in Bitcoin and Ethereum, and financial disclosures confirm related holdings. Nevertheless, numerous critics both at the summit and online voice dissatisfaction, believing he has not delivered substantial reforms since assuming office.
A significant source of frustration highlighted is the state’s BitLicense framework, which opponents argue impedes innovation and prompts companies to leave for friendlier jurisdictions. Summit participants proposed declaring New York City a “sanctuary city” from BitLicense rules, drawing parallels to local cannabis legalization efforts and questioning the license’s limited effectiveness.
Mayor Adams also underlined the necessity of boosting crypto education to support wider adoption and advancement. Concluding the event, his administration solicited specific recommendations from attendees, indicating their intention to review these suggestions as priorities for potential deregulation within the industry locally.
