Speaking at the first NYC Crypto Summit, Mayor Eric Adams said the city will create a “digital asset advisory council to bring fintech jobs and investment right here to the Big Apple.”
The next few weeks, he said, will bring the appointment of a council chairperson and “key policy recommendations.”
He rejected any thought that the city was simply chasing what’s hot at the moment — a moment when President Donald Trump's administration is backing the expansion of cryptocurrency, bringing concerns about profiting from that growth.
“This is not about chasing memes or trends,” Adams told summit attendees. “We want to use the technology of tomorrow to better serve New Yorkers today. We have experts right here, and they are going to help us navigate solutions that serve our city.”
He said the city is “exploring” whether residents could pay taxes and for services via cryptocurrency.
Adams also said that “we’re also looking at the power of blockchain,” which potentially could be use to “manage sensitive information like our vital records.”
New York City is hardly the only local or state government considering blockchain, a decentralized digital ledger designed to keep track not only of cryptocurrency transactions but other information, including data related to identity. Blockchain transactions can be verified publicly, with backers touting the security of the tool.
Adams’ call for more crypto and blockchain at times sounded like he was encouraging a resistance force to emerge from their hiding places.
“We're lucky to have this type of human capital right here in the city of New York. You've been hiding in the shadows, afraid to come out during the day,” he told the summit. “Come out now. You can prosper in this great city.”
Other governments have embraced cryptocurrencies as others consider doing so, though the plans from Adams seem relatively aggressive and not centered around investments in digital coins.
One example comes from Wyoming, which recently created a state agency-administered stable token, with issuance expected in July. Such tokens are backed by U.S. dollars or euros, making them a relatively safe investment in digital currency, at least according to supporters.
More jobs and a more diverse and equitable “tech ecosystem” could depend significantly on crypto progress, Adams said.
“My goal remains the same as it was day one as mayor, making New York City the crypto capital of the globe,” he said.
