NEW YORK, NY — New York Mayor Eric Adams is making a pitch to crypto companies returning to the U.S. or expanding their presence in the country: set up shop in New York City.
“This is the Empire State,” Adams said at a press briefing at Gracie Mansion on Monday. “We should be looking forward to building empires, particularly in the crypto space.”
Adams, who is running for reelection, reiterated his commitment to making New York City a crypto hub, telling reporters that he would work with tech and crypto companies, both big and small, to create a friendly environment to attract them and help them succeed.
“My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe,” Adams said. His remarks echo similar pledges from President Donald Trump, who has repeatedly said he wants to make the U.S. the “crypto capital of the planet.”
Adams is also taking inspiration from Trump in another way: next week, he’s hosting New York City’s first-ever Crypto Summit, which he said will bring together city officials and representatives from the crypto industry to discuss ways the city can benefit from crypto — and vice versa. In an April press release announcing the summit, Adam’s administration described the event as “com[ing] on the heels of the White House Digital Asset Summit in March.”
“We’re going to attract world-class talent, provide opportunities for underbanked communities, and make government more user-friendly,” Adams said. “We are focused on the long term values of these technologies for our city and its people, not chasing memes or trends.”
Earlier this year, Trump’s appointed officials at the Department of Justice directed prosecutors in the Southern District of New York to drop corruption charges against Adams, leading to an exodus of career prosecutors. The charges were dismissed with prejudice by a judge.
New York’s crypto industry — as well as its banking and insurance industries — is regulated by the New York Department of Financial Services (NYDFS), which has a reputation as a tough regulator. NYDFS issues the notoriously difficult-to-get Bitlicense, a special license required to do business as a crypto company in New York. In the past, Adams has been critical of the Bitlicense, claiming that it stifled regulation and advocating for scrapping it shortly after taking office as mayor in 2022.
When asked about New York’s regulatory environment on Monday, however, Adams seemed to strike a more conciliatory tone towards NYDFS, saying that “it’s good to know that the city is going to have safe regulations in place for those who are investing, and there’s not going to be any abuses.”
“But at the same time, we can overregulate and prevent growth,” Adams added. “There’s a level of safety that comes with the right regulations, but overregulations can hurt this industry and we don’t want that to happen.”
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