NYC Mayor Announces City’s First Crypto Summit

New York City Mayor Eric Adams announced the city’s first crypto summit to be held at Gracie Mansion next week. In a press conference on Monday, he reiterated his goal of “making NYC the crypto capital of the globe.”

Mayor Adams highlighted that technology is one of the fastest-growing industries in the city. He also invited tech companies and crypto firms to expand their presence in the city.

“We’re in the midst of nothing short of a technological revolution, the age of tokenization, which includes crypto, blockchain, and other fintech innovations,” he addressed the gathering. “More on that to come following the summit, but for now, I want to reiterate, if you’re into crypto, blockchain, Web3, or the fintech space, New York City is open for business. Join us.”

Further, he specifically mentioned how crypto and blockchain would have a positive impact on the city’s underbanked population.

“I really want to emphasize on underbanked communities, because this new form of financing and finance is something that can impact those communities that have historically found themselves lacking in access to banks.”

Mayor Adams Appoints Two New Crypto Advisors

Eric Adams, who is running for re-election, has announced that June Ou, who is the co-founder of Figure Firm, and Richie Hecker, the CEO of Traction and Scale, will be joining the city’s crypto space.

“They’re joining our world-class roster of crypto talent and resources in New York City,” he noted.

The Mayor and the key crypto talents would work with tech firms to create a friendly environment for business.

“The summit will bring together crypto innovators and influencers to share insights and experiences that they will use to chart our path forward.”

The summit arrives two months after President Trump had a similar event at the White House. The landmark event brought together top industry leaders, regulators, and government officials.

“We are focused on the long-term values of these technologies for our city and people, not chasing memes or trends.”

‘We Can’t Over-Regulate, That Will Prevent Growth:’ Adams

Adams emphasized the need for balanced regulation when speaking about the NYDFS’ regulation of the crypto industry. He said that safe regulations are inevitable for those who are investing; however, over-regulation would hinder growth.

“So there’s a level of safety that comes with the right regulations, but over-regulations can hurt this industry and we don’t want that to happen,” he noted.

Mayor Adams has been bullish on crypto since he was elected in 2022, accepting his first three paychecks in Bitcoin. At that time, “many people laughed at me, and all I can say is, who’s laughing now?” he said.

Additionally, Adams has been facing corruption charges for his involvement in alleged illegal donations from the Turkish government. However, the case was dismissed in April with prejudice, at the request of the DOJ under the Trump administration. The Mayor met President Trump on May 9 to reportedly thank him for his “words of support” during his 2024 campaigns.

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