NYC Mayor Eric Adams proposes “Bitbond” in search of the end of NYDFS’ Bitlicense

LAS VEGAS, Nevada — New York City mayor Eric Adams called the end of Bitlisense in a speech at Bitcoin 2025 in Las Vegas on Wednesday.

During his speech, Adams encouraged crypto companies to return to the US and open a store in New York, and repeated his comments last week at the city’s first crypto summit at Gracie Mansion, the official Mansion for the mayor’s home in Manhattan.

“New York is an empire state. We don’t destroy the empire. We build an empire. We’re telling you. Go home,” Adams said. “(I am) the mayor of Bitcoin. I want you to come back to New York City. You won’t be attacked and criminalised. Let’s remove the license and give us a free flow of Bitcoin in our city.”

Adams has previously criticised Bitlicense, a notoriously challenging license issued by New York’s top financial regulator, New York’s Office of Financial Services (NYDFS). But when asked at a press conference earlier this month about the impact of Bitlicense and NYDFS’ reputation as a strict regulator, Adams hedged and said “It’s good to know that the city has safe regulations for those who are investing in, and there’s no abuse, but can be too regulated at the same time.”

Adams also promised to fight for the creation of what is called Bitbond.

Such bonds could potentially expose New York residents to the best cryptocurrency in tax ways. The instrument also allows cities to raise capital.

Adams did not provide details about the city’s potential bitbonds. However, the Bitcoin Policy Institute announced a policy brief in March advocating for Bitbonds, where 90% of its revenues are used to fund the government and 10% buy Bitcoin.

Bond holders receive 1% interest per year for 10 years. At bond maturation, they also receive a combined return of up to 4.5%, up to 100% of Bitcoin gain, then all upside down 50%. The remaining Bitcoin profits will be used to form the government’s Bitcoin Reserve.

Adams, who was first elected as a Democrat, is now running for reelection as an independent.