New York Establishes Crypto Advisory Council, Mayor Eric Adams Declares

New York City Mayor Eric Adams has announced plans to create a digital advisory body to shape the city's digital assets strategy.

A new direction for New York

During the New York City Crypto Summit on May 20, Adams spoke about the opportunities this move presents for investment, job creation, and strengthening New York as a global center for blockchain innovation. “We want to use the technology of tomorrow to better serve the New Yorkers of today,” he emphasized in his speech. The advisory body is intended to position New York as the “crypto capital of the world.”

A team of experts

This advisory body will consist of industry experts who will focus on identifying applications that serve the public interest. While full details are still being developed, Adams confirmed that a chair will be appointed. Key policy recommendations are expected in the coming weeks.

Blockchain in the public sector

Adams revealed that New York City is exploring blockchain's potential for administrative processes, such as managing sensitive documents like birth and death certificates. "By bringing blockchain's security capabilities to the city, birth and death certificates can remain private yet accessible," he noted.

Cryptocurrency as a means of payment

Additionally, the city is looking at paying for select services and taxes in cryptocurrency, as part of a broader effort to modernize its financial infrastructure. Financial services firm Figure and private equity groups Traction and Scale are already backing the city’s crypto action plan.

A crypto-friendly agenda

Since taking office in January 2022, Adams has made cryptocurrency central to his policy agenda, famously implementing his first three mayoral pay cuts in Bitcoin has converted as a symbolic gesture of support.

Support from the state

This view is increasingly echoed at the state level, where top New York officials are pushing for a pro-crypto environment. In April, for example, Assemblyman Clyde Vanel reintroduced a bill that would allow New York agencies to accept cryptocurrencies for fines, taxes and other obligations. Vanel has also called for research into the role of blockchain in securing election systems and protecting voting data. If the bill passes, the State Board of Elections would be required to report on its findings within a year.

Moment of change

Senator James Sanders Jr. has also proposed a task force that will examine how crypto and blockchain can reshape New York's economy.

But the advance doesn’t stop at the Empire State. In the United States, at least 18 states are actively exploring legislation to establish a strategic Bitcoin reserve. Earlier this month, New Hampshire became the first state to authorize its state treasurer to invest public funds in Bitcoin.

When it comes to blockchain and cryptocurrencies, we are introduced to a world of opportunities. “It’s like a treasure chest full of unknown possibilities!”

Frequently Asked Questions

What are the main goals of New York City's digital advisory body?
The digital advisory body aims to guide the city's digital assets strategy, attract investment and strengthen New York's position as a center for blockchain innovation.

Who will be part of the advisory body?
The body will be composed of industry experts focusing on applications that serve the public interest.

What is the role of blockchain in the city's administrative functions?
The city is exploring the possibility of using blockchain to manage sensitive documents such as birth and death certificates, keeping them secure and accessible.