In brief
- Eric Adams announced a new digital assets advisory council for New York City.
- Council chair and key policy recommendations will come in a few weeks.
- The city will explore using blockchain and crypto for birth certificates, death records, and payment of city services.
In opening remarks at the inaugural NYC Crypto Summit, mayor Eric Adams announced the development of a digital assets advisory council designed to help bring jobs and investment to New York City, as it aims to cement itself as the world’s “crypto capital.”
Adams, who famously received his first three paychecks in Bitcoin and Ethereum back in 2022, addressed a standing-room-only crowd of crypto enthusiasts and investors whom he turned to for ideas on how to propel New York forward.
“My goal remains the same as it was day-one as mayor: making New York City the crypto capital of the globe,” said Adams. “We will be creating a digital asset advisory council to bring big fintech jobs and investment right here to the Big Apple.”
Further details about the council were not revealed, though Adams indicated that the chair of the council and key policy recommendations would be announced in a few weeks.
“This is not about chasing memes or trends,” said Adams. “We want to use the technology of tomorrow to better serve New Yorkers today.”
Few specifics were shared about the mayor’s plans for blockchain and crypto in New York, but both he and New York City CTO Matthew Fraser made note of the potential to use blockchain for tasks like tracking birth certificates and death records.
“We’re also looking at the power of blockchain and how it can be used to manage sensitive information, like our vital records,” said Adams. “Bringing blockchain security capabilities to the city means that birth certificates and death records can remain private, but accessible to New Yorkers and their next of kin.”
He added that they are also exploring whether city services and taxes could be paid via crypto.
“Imagine for those that have been locked out of the traditional banking system, being able to pay for government services using crypto,” said Fraser. “We’re not talking about innovation; we’re talking about survival. And if we don’t get in front of this and we don’t build a strategy that works, then we’re going to get left behind.”
The mayor, who likened himself to Captain Kirk in “Star Trek” due to his exploration of new boundaries, said he’s looking for his “Spock” and others who wish to join him. Adams reiterated multiple times that he is “committed to making crypto and blockchain part of New York City.”
At the conclusion of the opening remarks, individuals with crypto and fintech interests were left to discuss amongst themselves, sharing ideas and impediments with table facilitators who will bring the best to Adams to be formalized in a document.
Adams has previously shared his interest in cryptocurrency and blockchain, but the inaugural NYC Crypto Summit came following the re-election of President Donald Trump, who has made numerous crypto-related policy moves since returning to the White House. The mayor has cozied up to the president and his policies.
Adams will run for re-election as an independent instead of taking part in the Democratic primary, following a federal corruption investigation. Trump’s DOJ dismissed the charges against Adams in April.
On Tuesday, Adams reassured attendees that it’s a new day for the crypto industry.
“You were harassed, you were demonized, you were treated as though you were the enemy, instead of the believers,” he said. “But you withstood it. Your resiliency is admirable, and it will all pay off, because everyone is going to come around.”
Edited by Andrew Hayward
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