NEW YORK, NY – New York Mayor Eric Adams is making a pitch for crypto companies that are returning to the US and expanding their presence in the country: they have a shop in New York City.
“This is Empire,” Adams said at a press conference at the Gracie Mansion on Monday. “We look forward to building an empire, especially in the crypto space.”
Running for reelection, Adams reiterated his commitment to making New York City a crypto hub, informing reporters that he will work with both technology and crypto companies, big and small, large, to create a friendly environment to attract them and support success.
“My goal remains the same as my first day with the mayor. I will make New York City the code capital of Grove,” Adams said. His comments repeat a similar pledge from President Donald Trump. He has repeatedly said he wants to make the United States the “coding capital of the planet.”
Adams is also taking inspiration from Trump in a different way. Next week, he will be holding his first crypto summit in New York City. He said he will gather city officials and representatives from the crypto industry to discuss how cities can benefit from crypto. In an April press release that announced the summit, Adam’s administration described the event as “on the heels of the White House Digital Assets Summit in March.”
“We will attract world-class talent, provide opportunities for a community with a lack of banks, and make government more user-friendly,” Adams said. “We’re focusing on the long-term value of these technologies for our cities and their people, rather than following memes and trends.”
Earlier this year, Trump appointed officials from the Justice Department ordered prosecutors in the Southern District of New York to withdraw corruption charges against Adams, leading to career prosecutors leaving the country. The charges were dismissed on prejudice by a judge.
The New York crypto industry, and its banking and insurance industry, is regulated by the New York Bureau of Financial Services (NYDFS), which has a reputation as a strict regulatory authority. NYDFS issues the infamous, difficult Bitlicense, a special license required to do business as a crypto company in New York. In the past, Adams was critical of Bitlisense and argued that he had stolen regulations shortly after he took office as mayor in 2022 and advocated for abandonment of it.
However, when asked about New York’s regulatory environment on Monday, Adams appeared to be putting on a more conciliatory tone against the NYDF.
“But at the same time, we can over-tune growth and prevent it,” Addams added. “There is a level of safety that comes with proper regulations, but overregulation can hurt the industry and we don’t want it to happen.”
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