NYC Mayor Eric Adams Addresses Crypto Industry: Come Build an Empire in NYC
New York City Mayor Eric Adams Addresses Crypto Industry: Come and Build Your Empires in New York
“We are in the midst of a technological revolution,” Adams said at a news conference Monday. “This is not the future — it is a reality that is already here.”
Cheyenne Ligon | Edited by Nikhilesh De May 12, 2025 8:08 PM
What you need to know:
- Mayor Eric Adams has called on crypto companies to locate in New York City with the goal of making it the world's crypto hub.
- Next week, Adams is set to host the first Crypto Summit in New York City to discuss the mutual benefits for the city and the crypto industry.
NEW YORK, N.Y. — Mayor Eric Adams has a message for crypto companies returning to the U.S. or expanding their operations domestically: Open an office in New York City.
“This is the Empire State,” Adams said at a press conference at Gracie Mansion on Monday. “We should be looking forward to empire building, especially in the crypto space.”
Adams, who is running for re-election, reiterated his commitment to making New York the world's crypto hub, telling reporters he would work with both large and small tech and crypto companies to create an environment conducive to their success.
“My goal has been the same since day one as mayor: to make New York the crypto capital of the world,” Adams said, echoing similar statements by President Donald Trump, who has repeatedly expressed a desire 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 cryptocurrency summit, which he says will bring together city officials and crypto industry representatives to discuss how the city can benefit from cryptocurrency — and vice versa. In an April press release announcing the summit, Adams’s administration described the event as a “follow-up to the White House Digital Asset Summit in March.”
“We’re going to attract global talent, provide opportunities for underserved communities, and make government more user-friendly,” Adams said. “We’re focused on the long-term benefits of these technologies for our city and its residents, not chasing memes or trends.”
Earlier this year, Trump-appointed officials at the Justice Department ordered prosecutors in the Southern District of New York to drop corruption charges against Adams, triggering an exodus of career prosecutors. The charges were dismissed with prejudice by a judge.
New York City’s crypto industry, along with the banking and insurance sectors, is regulated by the New York Department of Financial Services (NYDFS), which is known for its strict regulation. The NYDFS issues the notoriously complex Bitlicense, a license required to do business as a crypto company in New York City. Adams has previously criticized the Bitlicense, arguing that it stifles development, and advocated for its repeal shortly after taking office as mayor in 2022.
However, when asked about New York's regulatory environment on Monday, Adams seemed to take a more conciliatory stance toward the NYDFS, noting that “it's nice to know that the city will have safe rules for investors and that there won't be abuse.”
