New York City Mayor Eric Adams is intensifying his push to make the city a global hub for cryptocurrency. Speaking at the Bitcoin 2025 conference, Adams announced plans to introduce a municipal bond backed by Bitcoin, dubbed a “Bitbond.” This financial instrument aims to provide Bitcoin holders with a new avenue for investment, potentially offering a 1% annual interest over ten years, along with a share of any Bitcoin market gains upon maturity. According to a proposal by the Bitcoin Policy Institute, 90% of the funds raised would support government spending, while the remaining 10% would be used to purchase Bitcoin.
In addition to this campaign, Adams is advocating for the removal of New York State’s BitLicense scheme. Established in 2015, BitLicense requires crypto businesses to obtain a license from the New York Department of Financial Services, adhering to strict compliance standards. Critics argue that the program imposes high licensing fees and stringent Anti-Money Laundering and Know Your Customer measures, which have deterred crypto firms from operating in the state. Adams contends that eliminating BitLicense would facilitate the free flow of Bitcoin in New York City and attract crypto businesses back to the city.
Furthering his commitment to the crypto sector, Adams announced the formation of a digital advisory council during the inaugural New York City Crypto Summit on May 20. This council aims to attract jobs and investments in the crypto industry. In addition, financial services firm Figure and private equity firms Traction and Scale have been hired to help the city with its crypto endeavors.
Adams’ initiatives reflect his broader vision of positioning New York City as a leading center for cryptocurrency and blockchain technology. By introducing innovative financial instruments like Bitbond and advocating for regulatory reforms, he seeks to foster a more welcoming environment for crypto enterprises in the city.
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