New York City Mayor Eric Adams Announces Digital Asset Advisory Council Will Be Created to Explore Bitcoin and Blockchain

At the inaugural NYC Crypto Summit on May 20, 2025, at Gracie Mansion, New York City Mayor Eric Adams declared that a Digital Asset Advisory Council will be set up.

At the inaugural NYC Crypto Summit on May 20 at Gracie Mansion, New York City Mayor Eric Adams announced the formation of a Digital Asset Advisory Council.

The council will advise the city on how to capitalize on Bitcoin and blockchain technology to cement New York’s standing as a global leader in the industry. Adams said the program aims to inspire new ideas, attract investors, and integrate digital assets into city services.

The announcement comes amid a broader push by New York to become a hub for crypto and blockchain companies. Earlier this year, the state legislature passed a bill to create a licensing regime for crypto exchanges.

Also Read: How To Invest In Bitcoin And Other Cryptocurrencies

Industry executives, politicians, and innovators gathered at the conference to discuss the future of fintech in New York. Adams spoke about the city’s goal to become the “crypto capital of the world” by leveraging blockchain for financial inclusion and improving civic operations. The council will comprise specialists from the industry, and its chair will be announced in a few weeks.

“We are going to be pushing the envelope to integrate digital assets into city services in a way that benefits all New Yorkers,” Adams said.

“We are going to be looking at the long-term implications of blockchain technology for society as a whole. We are not interested in short-term phenomena like memecoins. We want to understand how we can use blockchain to improve the lives of people in a sustainable way.”

Among its roles, the council will advise the city on how to integrate fintech and digital assets into New York’s infrastructure. Adams stated that the long-term uses of blockchain are more crucial than short-term trends like memecoins. The council will focus on exploring ways to leverage blockchain for tasks such as enabling citizens to access documents like birth and death certificates more easily.

“New York City is open for business!” declared Adams, extending an invitation to crypto and fintech companies to establish their presence in the city.

The program aligns with the administration’s broader plans to create jobs and generate revenue for the city. June Ou, who helped launch Figure, a financial services startup, praised New York’s initiative and highlighted its standing as the best place for fintech. Meanwhile, Hyla, a $100 million asset management firm, is among the companies that recently moved to the city, showcasing the growing interest in the industry.

During the conference, there were also closed-door roundtables where participants discussed the challenges and opportunities in the crypto space. The ideas will be compiled by facilitators into a formal document to aid the council in making its recommendations to the city. New York aims to balance its new ideas with existing regulations to ensure the continued growth of the blockchain industry.

Adams also touched upon the possibility of using cryptocurrencies for paying city expenses and bills, and how they can be used to improve access to funds for those without bank accounts.

Moreover, Matthew Fraser, New York City’s Chief Technology Officer, spoke about how blockchain can be used to secure and improve the discoverability of public documents.

The mayor’s initiative in the crypto sector continues his previous efforts. In 2022, Adams became the first U.S. mayor to convert his first three paychecks into cryptocurrencies. This decision sparked both praise and criticism.

At the summit, Adams spoke about this choice, adding that Bitcoin’s value has been increasing and it recently crossed $105,000, according to Kraken.

The announcement of the council comes after the March 2025 White House Digital Asset Summit, highlighting the increasing acceptance of cryptocurrencies in the country.

As Silicon Valley faces a threat from New York’s rising presence in the blockchain industry, Richard Hecker, CEO of Traction and Scale, one of the industry’s leading figures who has been a supporter of the city’s efforts, spoke about how NYC is becoming “the hub of the physical universe” for digital innovation.

The council will prioritize collaboration with businesses and the public to stimulate economic growth and establish New York as a global fintech powerhouse.

This announcement is part of Adams’s broader goal to modernize the city’s economy. The council will be instrumental in identifying practical applications for blockchain technology, which will be crucial for New York to maintain its competitiveness in the rapidly evolving landscape of digital assets.

As the crypto industry expands, New York aims to take a leading role in financial innovation. According to CMC, Bitcoin’s market cap stands at over $2T.