New York City unleashes crypto ambitions as Mayor Eric Adams champions tokenization

At the first New York City Crypto Summit held on May 20, Mayor Eric Adams delivered forceful remarks highlighting the city's ambition to lead in the blockchain and digital asset sectors.

New York City Mayor Eric Adams is rolling up his sleeves and getting to work on his promise to make the city a global leader in blockchain and digital assets. At the first-ever New York City Crypto Summit on May 20, Adams delivered a forceful message about the city’s ambition to become a crypto hub, drawing on his personal tech background and political experience.

Speaking to an audience of fintech entrepreneurs and crypto advocates, Adams highlighted the city’s role in technological innovation throughout history. He said: "From skyscrapers to subways, our wildest dreams have become the world’s everyday reality, and we’re going to embrace technologies today and use them for the future of our tomorrows."

The mayor went on to express his belief that digital assets are crucial for economic transformation, especially in reaching underserved communities. He recalled being the first mayor in the U.S. to receive his first three paychecks in bitcoin, which at the time drew mockery from reporters and critics.

"My goal remains the same as it was day one as mayor, making New York City the crypto capital of the globe," Adams stated.

In a major policy announcement, Adams revealed the formation of a digital asset advisory council that will advise the city on its fintech strategy. The council will comprise experienced figures from the industry.

"This is our announcement that we will be creating a digital asset advisory council to bring fintech jobs and investment right here to the Big Apple, and we’re going to ask the rank and file to come from among you to help us say to government, ‘Get out of the way, allow it to grow and prosper by going to those who have been in this field for many years," he said.

Looking ahead, Adams hinted at the administration's plans to enable certain municipal services and taxes to be paid in cryptocurrency.

"We are exploring whether certain city services and city taxes can be paid via cryptocurrency. We are committed to making crypto and blockchain part of the New York City landscape."

"That is why we have brought the best and the brightest together for this summit to help us chart the path forward and hear from you directly," he added.

The mayor also touched upon the economic potential of tokenization and expressed his administration's ongoing commitment to the technology.

"The age of tokenization, which includes crypto and blockchain and other fintech innovations, that age is here, and we’re going to continue to move forward with it."