New York City is setting its sights on becoming the world’s premier crypto capital, with Mayor Eric Adams intensifying his campaign to transform the city into a blockchain powerhouse. Speaking at the Tokenization and Programmable Real World Assets Injective Summit on June 26, Adams doubled down on his commitment to digital assets and unveiled plans to dismantle what he sees as outdated regulatory roadblocks.
The mayor used the high-profile fireside chat to reflect on his early embrace of crypto, reminding attendees of his symbolic move to receive his first three paychecks in bitcoin shortly after taking office. “Taking my first three paychecks in bitcoin was a clear symbolic message I was sending out. Because there are a lot of misnomers about digital assets,” Adams told the audience, emphasising that scepticism surrounding crypto often stems from misunderstandings about its true potential.
BitLicense Under Fire: “A System Built to Stymie”
Central to Adams’ address was a scathing critique of New York’s controversial BitLicense framework. First implemented in 2015, BitLicense mandates strict compliance requirements for crypto firms operating in the state, including detailed anti-money laundering and cybersecurity measures overseen by the New York State Department of Financial Services (NYDFS). As of June 2025, only about 30 companies have successfully obtained a BitLicense, a statistic Adams cited as evidence of the policy’s chilling effect on innovation.
“When you only have such a small number of BitLicenses, it’s clear that this was put in place to stymie the industry,” Adams declared. He argued that BitLicense, intended to protect consumers, has instead discouraged promising startups from setting up shop in New York, driving them to more welcoming jurisdictions.
Adams called on the crypto community to mobilise and engage policymakers, pointing to recent federal actions as a template for progress. “If you didn’t learn anything from this last election, this administration on a federal level is extremely crypto-friendly. Because, I think, in the first 120 days, there were almost 60 pieces of legislation that we saw go through the House. We can do that here also,” he urged.
Crypto as a Tool for Financial Inclusion
Beyond regulatory reform, Adams laid out an expansive vision for crypto’s role in fostering financial equity across the city. He highlighted how digital assets could benefit communities traditionally underserved by the financial system, citing lower remittance fees as a lifeline for New York’s Caribbean diaspora.
“Nothing would give me greater joy than walking into one of our underserved communities and a young person walking to the school and buying a loaf of bread using bitcoin,” Adams said, painting a future where blockchain technology powers everyday transactions and empowers residents.
Education and Innovation: Building Blocks of a Crypto Legacy
Adams’ ambitions stretch beyond policy changes. He revealed plans to integrate blockchain education into the city’s school curricula, aiming to prepare a new generation for careers in the emerging digital economy. By normalising blockchain literacy from a young age, the mayor hopes to seed innovation and ensure that all New Yorkers, not just financial insiders, can benefit from crypto’s rise.
In Adams’ view, regulation should not be synonymous with repression. While acknowledging the legitimate need to kerb fraud and financial crime, he insisted there is a way to oversee crypto without suffocating growth. “You don’t have to stymie the industry to regulate the industry,” he argued, reiterating that financial misconduct is not exclusive to crypto and that thoughtful oversight can protect consumers while allowing innovation to flourish.
A Vision of NYC as the World’s Crypto Capital
Reflecting on his journey from bitcoin paychecks to blockchain evangelism, Adams framed his crypto advocacy as a key component of his mayoral legacy. “If I’m able to create this city as being the crypto capital of the globe, that’s a legacy to leave,” he declared, setting his sights on a future where New York City leads the world in digital finance.
As Adams ramps up efforts to dismantle the BitLicense and integrate blockchain into city life, his vision signals a transformative chapter for New York. But whether the city can shed its reputation for regulatory hostility and reclaim its place at the forefront of fintech innovation remains a question one that crypto entrepreneurs, lawmakers, and residents will watch closely in the months ahead.
