Mayor Eric Adams: ‘If you’re in crypto, New York City is open for business’

• NYC intensifies crypto push with new advisory partnerships under Mayor Eric Adams’ leadership.
• Global crypto market surges past $3.4T amid political support and regulatory optimism.

As the U.S. reclaims its stance in the global crypto race, New York City is positioning itself as a central hub for digital asset innovation.

New York Mayor pushes for crypto innovation

Mayor Eric Adams, a long-time advocate for blockchain adoption, recently announced a renewed push to attract crypto companies back to the city.

Speaking at a press conference on the 12th of May at Gracie Mansion, Adams emphasized his intent to foster a more welcoming environment for both emerging startups and established tech giants in the digital asset space.

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

While unveiling strategic collaborations with key financial figures, including June Ou of Figure and Richie Hecker of Traction and Scale, who will now serve as advisers in shaping NYC’s digital asset roadmap, he added, 

“If you’re in the crypto, blockchain, Web3 or the fintech space, New York City is open for business.”

Amid his reelection campaign, Mayor reaffirmed his dedication to transforming New York City into a thriving crypto hub.

He also pledged to actively collaborate with crypto and tech firms to shape policies and initiatives that not only attract innovation but also ensure long-term success for businesses choosing to operate in the city.

“My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe.”

Is Trump behind this vision?

Needless to say, Adams’ vision echoes former President Donald Trump’s calls to make the U.S. the global capital of digital assets.

Since taking office in January 2022, Adams has made crypto a key part of his political identity, even converting his first three paychecks into Bitcoin.

His financial disclosures in 2023 reflected modest holdings in BTC, though he later implied their value had increased significantly by late 2024.

Despite facing past scrutiny over alleged foreign campaign contributions, a case ultimately dismissed with prejudice, Adams’ political trajectory seems bolstered by backing from federal figures, including Trump himself.

Historically critical of the restrictive Bitlicense framework imposed by the New York Department of Financial Services (NYDFS), Adams had once called for its removal to promote innovation.

Yet in a recent shift, he acknowledged the importance of safeguarding investor interests, signaling a more balanced stance that could redefine the city’s regulatory posture while still encouraging digital asset growth. 

“But at the same time, we can overregulate and prevent growth. There’s a level of safety that comes with the right regulations, but overregulations can hurt this industry and we don’t want that to happen.”

Current market condition

This coincided with the global crypto market regaining momentum as the U.S. recovers from Trump’s tariff-driven turbulence.

As of the latest update from CoinGecko, the total market cap to $3.42 trillion, a 3.3% jump in the past 24 hours.

Though Bitcoin [BTC] dipped 2.4% to $102,782, the overall outlook remains bullish, fueled by improving regulations and growing political support for digital assets both in New York and nationwide.