Eric Adams Terminates BitLicense For Bitcoin 2023

Eric Adams Demands End To Bitcoin's Bitlicense

29 May 2025 at 09: 38

Reading time: 3 minutes

Mayor Eric Adams continued his efforts to attract the crypto community to the Big Apple on Wednesday, advocating for the city to create a Bitcoin bond and eliminate the controversial BitLicense requirement.

“New York is the Empire State. We don’t break empires — we build them. We say to you, come home,” he said during his visit to the Bitcoin 2025 conference.

“You have a mayor who is the crypto mayor, the Bitcoin mayor, and I want you back in New York City. You will not be attacked or blamed here. Let’s get rid of the Bitcoin license and let’s have a free flow of Bitcoin in our city,” he added.

The speech came a week after Adams hosted the first New York Crypto Summit, where he announced the creation of a digital assets advisory board aimed at bringing jobs and investment to New York City.

The BitLicense, introduced in 2015, is a legal requirement for businesses working with crypto in New York. The BitLicense was created to regulate the industry and protect consumers from fraud. Businesses seeking to apply must meet strict compliance standards, with fees starting at around $5.000 and potentially exceeding $100.000.

The first company to receive a BitLicense was Circle, one of the digital payments companies behind the USDC stablecoin. Other companies that have received BitLicenses include Coinbase, Bakkt, XRP II, LLC (a subsidiary of Ripple Labs), Robinhood Crypto, and SoFi Digital Assets.

While crypto businesses require a BitLicense to operate in the state, the New York Department of Financial Services notes that merchants and consumers who use virtual currencies solely to purchase goods and services are exempt from this requirement.

In his speech, Adams compared Bitcoin’s origins to the story of Betsy Ross, arguing that Bitcoin is driven by ordinary people. Ross, who is widely credited with sewing the first American flag, created an enduring national symbol.

“She wasn’t a great intellect. She wasn’t a great government regulator. She wasn’t a philosophical thinker who wanted to define what the foundations of our country should be,” Adams said. “She was a regular person, like you and me — hardworking people, and that flag is still there, and that’s what Bitcoin means.”

Adams reiterated his previous support for crypto, including converting his first monthly salary as mayor into Bitcoin and Ethereum. He believes in innovation and wants to establish New York City as a leader in the crypto industry, where investors and developers can thrive without fear of attack or criminalization.

Adams warned the audience that the real work begins after the conference ends. He encouraged them to get back into their local communities, get involved with local legislators who support the crypto industry, and actively advocate for it.

“Make your voice heard. Show the power of the Bitcoin community. We will use Bitcoin and blockchain for birth certificates, to pay fines and taxes, and to help young people understand this industry, but we need you on the ground,” Adams said.

“The message is clear: Go out and show your strength. Because if you don’t, elected officials will use their power to destroy your industry. You have to win.”

Frequently Asked Questions

What is the BitLicense?
The BitLicense is a legal requirement in New York for businesses working in crypto. It is intended to regulate the industry and protect consumers from fraud.

Who got the first BitLicense?
Circle was the first company to receive a BitLicense. It is a digital payments firm involved in the USDC stablecoin.

Why is Mayor Adams advocating for the abolition of the BitLicense?
Adams wants to attract the crypto industry to New York and believes the BitLicense is a barrier to companies wanting to operate in this sector.

Share this article:

Disclaimer: The information on Block 9 is for general informational and educational purposes only. While we strive to provide up-to-date, correct and relevant content, we make no warranties as to the completeness, accuracy or reliability of the information provided. All content on this website, including articles, analyses, opinions and other publications, is for general information purposes only and does not constitute professional or legal advice in any way, including but not limited to financial, investment or tax advice.

Block 9 makes no guarantees or representations as to any possible results or returns that may arise from the use of information on this website. Nothing on this website should be interpreted as a recommendation to buy, sell or hold any particular asset, including but not limited to cryptocurrencies, tokens or other financial instruments.

The opinions and views expressed in contributions by editors, external authors or community members are strictly personal and do not necessarily represent the views or policies of Block 9 as a platform. Block 9 accepts no liability for any loss or damage – direct or indirect – resulting from the use of (or reliance on) the information published on this website.

Investing in cryptocurrencies and other digital assets involves significant risks. The value of such assets can fluctuate significantly, and there is a chance that you could lose (some of) your investment. We strongly recommend that you always do your own research (DYOR) and seek independent advice from a qualified financial advisor before making any financial decisions. By using this website, you agree to this disclaimer and accept that Block 9 is not responsible for your investment choices or the results thereof.