NYC Crypto Summit: Mayor Eric Adams Unveils Digital Assets Advisory Council
During the inaugural NYC Crypto Summit, Mayor Eric Adams unveiled his ambitious initiative to create a digital assets advisory council, which aims to attract jobs and investments to New York City. Adams expressed his vision of establishing the city as the premier global hub for cryptocurrency. Known for having received his paycheck in Bitcoin and Ethereum in 2022, Adams spoke to a packed audience of crypto supporters and investors, seeking their insights on advancing New York’s crypto landscape.
“My objective has remained constant since I took office: transforming New York City into the leading center for cryptocurrency worldwide,” asserted Adams.
He added,
“We’re putting together a digital asset advisory council that will facilitate significant fintech job opportunities and investment in our great city.”
Although specific details about the council were not disclosed, Adams promised that the chair and primary policy recommendations would be revealed in the coming weeks.
“This isn’t about chasing fleeting trends or memes. We’re looking to leverage tomorrow’s technology to improve services for New Yorkers today,”
he emphasized. While specific strategies for implementing blockchain technology within the city were not highlighted, both Adams and New York City’s Chief Technology Officer (CTO) Matthew Fraser pointed to the potential applications of blockchain for essential city functions, such as managing vital records like birth and death certificates.
“Utilizing blockchain’s security capabilities means we can ensure sensitive information remains private yet accessible to New Yorkers and their families,”
Adams explained.
Moreover, they are investigating the feasibility of allowing cryptocurrency payments for city services and taxes. Fraser illustrated a potential scenario, stating,
“Consider those who are currently excluded from conventional banking; allowing them to pay for government services via crypto could transform their access.”
He underscored the urgency of developing a viable strategy to avoid falling behind as the digital landscape progresses.
Comparing his efforts to that of Captain Kirk from Star Trek, Adams expressed his willingness to explore innovative frontiers, calling for allies to join him on this journey. He made it clear that he’s dedicated to embedding cryptocurrency and blockchain technology into New York City’s fabric. Following his introductory remarks, attendees networked with one another, discussing barriers and ideas which will eventually be compiled into a document for the mayor’s consideration.
Political Context and Future Endeavors
This summit comes in the wake of President Donald Trump’s recent re-election and his evolving policies related to crypto, reflecting Adams’s alignment with the administration in navigating the future of cryptocurrency. In light of a federal corruption investigation that has since dismissed charges against him, Adams will now pursue his re-election bid as an independent candidate, foregoing participation in the Democratic primary.
In closing, Adams offered encouragement to the crypto community, stating,
“You have faced adversity and misconceptions, but your perseverance is commendable, and your time will come as the world acknowledges your value.”
Edited by Andrew Hayward
