New York City Aims to Become Global Crypto Capital Under Mayor Adams

New York City is positioning itself as a frontrunner in the global cryptocurrency race, driven by Mayor Eric Adams’ ambitious plans to overhaul restrictive regulations and integrate Bitcoin and crypto across the city. Speaking at the Tokenization and Programmable Real World Assets Injective Summit on June 26, 2025, Adams outlined his vision to transform New York into the world’s crypto capital. His administration is pushing to dismantle barriers like the controversial Bitlicense framework, which he argues has stifled innovation and driven crypto businesses away. With his mayoral term ending on December 31, 2025, and a reelection campaign underway against Democratic nominee Zohran Mamdani, Adams is betting on crypto friendly policies to cement his legacy.

Adams has been a vocal advocate for digital assets since taking office, famously accepting his first three paychecks in Bitcoin to signal his commitment. He reflected on this decision during the summit, noting that despite early criticism, the long-term value appreciation of Bitcoin has validated his stance. He credited crypto pioneer Brock Pierce for igniting his interest and emphasized the practical benefits of digital currencies, such as reducing remittance costs for New York’s Caribbean diaspora. This personal conviction underpins his broader strategy to make the city a hub for blockchain innovation.

Reforming Regulations and Building a Crypto Ecosystem

The centerpiece of Adams’ crypto agenda is abolishing the Bitlicense, a regulatory framework introduced by the New York State Department of Financial Services (NYDFS) in 2015. Adams criticized the license for its stringent compliance requirements, which he believes have deterred startups and limited industry growth. With only about 30 companies securing a Bitlicense as of June 2025, he argued that the policy has failed to foster a vibrant crypto ecosystem. Instead, it has pushed businesses to more welcoming jurisdictions, costing New York jobs and economic opportunities.

Adams called on the crypto community to engage with state and local lawmakers to advocate for more accommodating policies. He pointed to the federal government’s recent crypto-friendly legislative push, with nearly 60 bills introduced in the House within 120 days, as a model for what New York could achieve. While acknowledging the need for oversight to prevent fraud, Adams stressed that regulation should not suffocate innovation. He proposed a balanced approach that protects consumers without driving the industry away.

Beyond regulatory reform, Adams envisions blockchain as a transformative force for education and public services. He outlined plans to incorporate blockchain education into school curricula, equipping the next generation with skills for a digital economy. Additionally, he aims to integrate cryptocurrency into everyday transactions, dreaming of a future where students in underserved communities use bitcoin for routine purchases like buying bread. This vision extends to leveraging blockchain for municipal services, streamlining processes, and enhancing transparency.

Adams’ push comes at a critical juncture for New York’s financial landscape. The city has long been a global financial hub, but competition from crypto friendly regions like Miami and Singapore threatens its dominance. By embracing digital assets, Adams hopes to attract businesses to New York reinforcing it‘s position as a leader in finance and technology. His administration is also exploring partnerships with industry leaders to develop infrastructure, such as blockchain based payment systems, to support this transition.

As Adams campaigns for reelection, his crypto agenda is a key pillar of his platform. Facing a competitive race against Mamdani, who won the Democratic primary on June 24, 2025, Adams is framing his policies as a forward-thinking strategy to secure New York’s economic future. He acknowledges the challenges, including skepticism from some lawmakers and residents wary of crypto’s volatility and risks. Yet, he remains steadfast, viewing the creation of a crypto capital as a legacy that could define his tenure.

Mamdani on the other hand, has a very different platform, with crypto not a focus area at all, with much of his campaign appearing to be the opposite of what most crypto enthusiasts advocate for.

New York City’s journey to become the global crypto capital is still in its early stages, but Adams’ bold leadership is setting the stage for significant change provided his reelection happens.

By dismantling outdated regulations, fostering education, and building a blockchain friendly ecosystem, he aims to position the city at the forefront of the digital asset revolution. Whether this vision comes to fruition will depend on legislative progress, community support, and the outcome of the upcoming election. For now, Adams is charging ahead, determined to leave a lasting mark on New York’s financial landscape.