New York Mayor Eric Adams continued his push to shepherd the crypto community to the Big Apple on Wednesday, calling for the creation of a Bitcoin Bond in the city and the removal of its controversial BitLicense requirements.
“New York is the Empire State. We don’t break empires—we build empires. We’re saying to you: come back home,” he said during a stop at the Bitcoin 2025 conference.
“You have a mayor who is the crypto mayor, is the Bitcoin mayor, and I want you back in the city of New York, where you won’t be attacked and criminalized. Let’s get rid of the Bitcoin license and allow us to have the free flow of Bitcoin in our city,” he added.
The speech comes a week after Adams hosted the inaugural New York Crypto Summit, where he announced the development of a digital assets advisory council designed to help bring jobs and investment to New York City.
Introduced in 2015, a BitLicense is a legal requirement for businesses that deal in crypto in New York. The BitLicense was established to regulate the industry and protect consumers from fraud. Firms looking to apply must meet strict compliance standards, with costs starting around $5,000 and potentially reaching more than $100,000.
The first company to receive a BitLicense was Circle, one of the digital payments firms behind the USDC stablecoin. Other companies awarded BitLicenses include Coinbase, Bakkt, XRP II, LLC (an affiliate of Ripple Labs), Robinhood Crypto, and SoFi Digital Assets.
While crypto businesses need a BitLicense to operate in the state, the New York Department of Financial Services notes that merchants and consumers using virtual currency solely for purchasing goods and services are exempt from obtaining one.
In his speech, Adams compared the origins of Bitcoin to the story of Betsy Ross, saying that Bitcoin is being driven by everyday people, just as Ross, popularly credited with sewing the first American flag, created a lasting national symbol.
“She was not some great intellect. She was not some great government regulator. She was not some philosophical intellectual person who wanted to decide what was going to be the foundation of our country,” Adams said. “She was an ordinary person like you and I—hard-working blue-collar people, but that flag still stands today, and that is what Bitcoin is about.”
Reiterating his early support for crypto, including converting his first mayoral paychecks into Bitcoin and Ethereum, Adams said he believes in innovation and wants to make New York City a leader in the crypto industry and a place where investors and developers can thrive without being ‘attacked or criminalized.’
Adams cautioned the audience that the real work begins after the conference ends, urging them to return to their local communities, engage with local lawmakers who support the crypto industry, and actively defend it.
“Let your voices be heard. Show the power of the Bitcoin community. We’ll 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: get out there and show your power. Because if you don’t, elected officials will use theirs to destroy your industry. You must win.”
Edited by Sebastian Sinclair
Leave a Reply