Make New York The Global Crypto Capital!

New York City is set to host its first official crypto summit on May 20th, and this initiative comes on the heels of a similar event hosted by former President Donald Trump at the White House. I believe this summit will not only be a milestone for the city, but also a step towards achieving an ambitious goal: New York aims to become the crypto capital of the world.

During a press conference, Mayor Eric Adams highlighted the growth of the blockchain sector in the city. With the support of key industry figures such as June Ou of Figure Firm and Richard Hecker of Traction and Scale, he outlined how New York is positioning itself as a strong competitor to Silicon Valley in the space of crypto innovation. The potential of blockchain technology to promote financial inclusion, particularly for communities that have traditionally been left out of the banking system, was also highlighted. “Finance can have a profound impact on those communities that have historically been underbanked and underserved,” he noted. My goal as mayor is clear: New York City must become the crypto capital of the world.

Adams has his own relationship with crypto not hiding it. Since January 2022, he has converted his first three salary payments into Bitcoin and Ethereum. “A lot of people laughed at me, and all I can say is, who’s laughing now?” he said, and it shows that he’s determined to take the crypto industry seriously. The explosion of crypto and blockchain startups in New York City confirms that something is actually happening.

The summit could also be a strategic move to gain support from influential crypto super PACs, which played a major role in Donald Trump’s 2024 election campaign. Adams has announced he will skip the Democratic primary and run as an independent candidate, partly due to a federal corruption investigation that is weighing on his campaign. However, he has strongly denied any irregularities.

During his visit to Florida, where he met Trump, the possibility of a pardon was also discussed. The ties between the two are therefore undeniable and this could well be an advantage in his future campaigns.

By organizing the New York Crypto Summit, Adams aims to foster collaboration between the public and private sectors. He believes in a “cross-pollination of ideas and methods” that can steer the crypto industry in the right direction. “The summit brings together innovative thinkers and influencers to share insights and exchange experiences. We want to create a path forward that focuses on economic development and public sector opportunities,” Adams said. He emphasized that the city is focused on the long-term value of these technologies, rather than chasing popular trends like memecoins.

The importance of balanced regulation was another key point Adams touched on. He stipulated that regulations should be strong enough to protect investors, but not so restrictive that they stifle innovation and growth. “Our state needs to embrace the crypto-friendly climate that we have in New York City. The right regulation can provide safety, but over-regulation can hurt the industry — and we don’t want that.” “This is the Empire State; we need to focus on building empires, especially in crypto,” he concluded.

Frequently Asked Questions

What is New York City's stance on crypto?
New York City is aiming to become the crypto capital of the world and is investing in a thriving blockchain sector.

Why is the New York Crypto Summit important?
The summit provides a platform for collaboration between public and private sectors and stimulates innovation in the crypto industry.

What is Mayor Adams' position on regulation in the crypto space?
Adams advocates a balance in regulation that protects investors without stifling innovation and growth.