NYC plans first Crypto Summit, aiming to become the global capital of digital finance.

Mayor Adams promotes blockchain for financial inclusion, innovation, and long-term growth—not meme coin hype.

Mayor Eric Adams is aiming to make New York the crypto capital of the world. As part of his plans, the city will host its first-ever NYC Crypto Summit on May 20.

Announced on Monday, the summit will bring together crypto companies, regulators, and city leaders to discuss the future of digital assets.

The goal is to attract more blockchain companies to the city and continue building on New York’s reputation as a financial leader.

"My mission is to ensure that New York leads in innovation, and crypto is part of that future," Adams said during a press conference, which was attended by major players in the blockchain space, including June Ou from Figure and Richard Hecker from Traction and Scale.

"Together, we'll make it clear: the city that never sleeps is also the city that's always thinking about the future of finance, and that future is here in New York."

The administration officials said that the goal is to make the city the global capital of digital finance.

"We're not interested in hype or meme coins. We want real innovation and clear but fair regulations," said Adams, who is running for reelection as an independent after skipping the Democratic primary due to a past corruption probe that was recently dropped.

"We shouldn't overregulate and risk losing the chance to lead. The Empire State should be building empires, and crypto is where we start."

Some legal experts and political aides said that Adams's support for crypto could help him win over the same voters who backed former President Donald Trump's pro-crypto stance.

Plans for Bitcoin Reserve Law and Simpler Crypto Rules

The administration officials are hoping to attract crypto companies by promising easier rules in New York.

Adams also suggested that the city might create a Bitcoin Reserve law, similar to one in New Hampshire, where the state invests in BTC to diversify its assets.

"We're going to continue to build on our strengths and adapt to the changing landscape of the financial world," Adams said.

"We're not going to be afraid to experiment and try new things, and we're going to put the full weight of the city government behind this effort."

The administration officials are hoping that the upcoming summit will help highlight New York's role in the crypto space.

"We're already seeing a huge influx of startups and talent into the city, and we want to continue to encourage that flow of investment and entrepreneurship," said an administration official.

"We're also seeing more and more interest from Wall Street in the crypto markets, which is a natural progression as these technologies mature and develop."

The administration officials said that they are aware of some concerns that New York's strict regulations could hold the city back in the race to become the crypto capital.

"We're not blind to the fact that other jurisdictions are moving more quickly and aggressively to attract crypto businesses," said an administration official.

"But we believe that New York has unique strengths that we can leverage to become the preeminent center for digital assets."