On May 21, 2025, CoinDesk reported that New York City Mayor Eric Adams planned to establish an advisory council for the cryptocurrency and blockchain industry. This council aims to offer policy recommendations for the local digital economy’s development. It will bring together industry experts, business representatives, and government officials to discuss how to balance regulation and innovation, with the goal of making New York a cryptocurrency hub.
Adams has long been a supporter of the cryptocurrency industry. He has previously expressed his hope that New York City would become the “cryptocurrency capital” and has accepted Bitcoin as part of his salary. The establishment of this advisory council is seen as another step in his efforts to promote the digital economy. It is expected to focus on issues such as regulatory frameworks, business support, and public education.
At the inaugural New York City Crypto Summit on May 20, Adams stated, “This is not about chasing memes or trends. We want to use tomorrow’s technology to better serve New Yorkers today”. He also mentioned that the age of tokenization, which includes crypto, blockchain, and other fintech innovations, is here, and the city will continue to move forward with it. Adams didn’t provide further details about the advisory group but said that a council chair and key policy recommendations would be announced in the next few weeks.
Previously, on May 12, Adams announced that financial services company Figure and private equity firms Traction and Scale would assist the city in its crypto – related efforts. Additionally, New York City will explore the possibility of allowing certain services and taxes to be paid via crypto, and will also look into using blockchain technology to manage sensitive information such as birth certificates and death records.
Related topic:
- Solana Expected to Challenge $900? Key Resistance Levels Become Key Factors
- New Taiwan Dollar surges by 8% in two days, but Bitcoin’s Volatility is Smaller than that of Fiat currency?
- TRUMP Denies profiting from his presidential position, Claiming He Doesn’t Pay attention to his Holdings of $TRUMP coins
