"We are in the midst of a true technological revolution. It is the future, it is here and it is here now” - Mayor Eric Adams publicly reiterated in his statement at a press briefing at Gracie Mansion on Monday, enforcing the urge to make New York, a hub for cryptocurrencies.
Statements like these were made as a precursor to the The New York City Crypto Summit, which is a major event announced by Mayor Eric Adams, scheduled for May 20, 2025, at Gracie Mansion. The summit is part of Adams’ broader initiative to position New York as the “crypto capital of the globe” and to foster the city’s leadership in blockchain, cryptocurrency, Web3, and fintech innovation.
The summit will convene crypto innovators, regulatory officials, financial executives, and public sector leaders to share insights, experiences, and strategies for advancing blockchain and digital assets in New York. Discussions will center on the responsible implementation of digital financial tools, regulatory frameworks, and the long-term economic benefits of blockchain technology. The event aims to showcase how blockchain and crypto can drive economic growth, modernize public services, and attract high-caliber firms to New York. There will be a major focus on how blockchain can democratize access to essential records and financial services, particularly for underbanked communities. Mayor Eric Adams also appointed industry advisors June Ou and Richie Hecker to participate in the summit.
NYC Mayor Eric Adams faced federal corruption charges, including bribery and wire fraud, which were dismissed after the Trump administration directed prosecutors to drop the case, sparking controversy. Adams, a longtime crypto supporter who converted his first three paychecks to Bitcoin and Ethereum, is motivated to boost New York’s crypto industry, holding between $5,000 and $54,999.99 in crypto assets.What Adams is telling reporters closely mirrors statements made at the national level by Donald Trump when he repeatedly expressed his intention for the United States to become the “crypto capital of the world,” Adams is now making similar claims specifically about New York City.
He highlighted the city’s strategy to attract world-class talent and foster innovation, with a particular focus on supporting underbanked communities that have historically lacked access to traditional banking and financial services. Adams explained that blockchain and crypto can democratize access to essential resources, increase financial inclusion, and modernize government services, making them more user-friendly and transparent. By inviting tech and crypto companies to expand in New York, he positioned the city as open for business and eager to become a global hub for digital asset innovation, economic growth, and responsible regulation.
NYC Mayor Eric Adams signaled a shift in his stance toward the New York Department of Financial Services (NYDFS). Previously, Adams criticized NYDFS’s strict regulations, especially the BitLicense as barriers to crypto innovation. Now, while he still calls for a friendlier environment to attract crypto firms, Adams acknowledges that “regulations must strike the right balance,” emphasizing the need for oversight to protect investors without stifling growth. This reflects a move from outright opposition to NYDFS’s approach to innovation-friendly regulation that supports both industry growth and consumer protection.
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