Mayor Adams Unveils Cryptocurrency Initiatives
During a press conference at Gracie Mansion on May 12, New York City Mayor Eric Adams unveiled strategic partnerships aimed at advancing the city’s cryptocurrency initiatives. Among those aligned with the city’s efforts are June Ou, the founder of Figure, a financial services firm, and Richie Hecker, the CEO of the private equity firm Traction and Scale. The mayor described their roles as integral to guiding New York City in harnessing the potential of digital assets for economic development and public service.
“Our focus remains on the enduring benefits of these technologies, steering clear of fleeting trends or fads,”
Adams stated, emphasizing New York City’s open stance to those involved in cryptocurrencies, blockchain solutions, and fintech.
Adams’ Commitment to Digital Assets
Since taking office in January 2022, Adams has championed digital assets, notably opting to receive his first three paychecks in Bitcoin. According to a financial disclosure from 2023, he reported a Bitcoin holding valued between $5,000 and $54,999.99, although he hinted at its higher worth in a December press engagement.
Meanwhile, the mayor recently faced potential legal challenges, having confronted accusations regarding illicit donations from the Turkish government. However, the case was dismissed in April 2023 during a course of action encouraged by the Trump administration, rendering it closed without the possibility of reopening. Adams subsequently visited the White House on May 9 to express gratitude for President Trump’s support in his defense.
Future of Cryptocurrency in NYC
There has been speculation whether the timing of Adams’ announcement on May 12 was influenced by his recent discussions with the President, who has also been a proponent of digital asset policies. Cointelegraph pursued inquiries with the mayor’s office but did not receive an immediate response. Additionally, Adams had revealed plans in April for New York City to host a dedicated crypto summit on May 20, signaling a significant push toward embracing the burgeoning field of digital currencies.
