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New York Mayor Eric Adams Advocates for the Abolishment of BitLicense Regulation for Cryptocurrencies

At Bitcoin Conference 2025, Adams encouraged cryptocurrency enthusiasts to revisit New York City and challenge restrictive regulations.

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In 2025 at the Bitcoin Conference, Adams advocated for crypto enthusiasts to revisit New York City...
In 2025 at the Bitcoin Conference, Adams advocated for crypto enthusiasts to revisit New York City and challenge the restrictive regulations.

New York Mayor Eric Adams Advocates for the Abolishment of BitLicense Regulation for Cryptocurrencies

NYC Mayor Eric Adams Advocates for Bitcoin Bond and BitLicense Repeal to Attract Crypto Businesses

In a speaking engagement at the Bitcoin 2025 conference, New York City Mayor Eric Adams called for the repeal of the state's controversial BitLicense and the creation of a Bitcoin Bond. Adams, who has already announced plans to convert his mayoral salary into Bitcoin and Ethereum, believes that a more favorable regulatory environment is key to attracting crypto businesses to the Big Apple.

"New York is the Empire State. We don't break empires, we build empires. We're saying to you: come back home," Adams declared. He criticized the BitLicense, introduced in 2015, for being too strict and costly, deterring crypto firms from operating in the city.

The BitLicense requires firms dealing in virtual currency to meet stringent compliance standards, including Anti-Money Laundering (AML) and Know Your Customer (KYC) measures. Though considered a global regulatory standard, it has faced criticism for its high licensing fees and onerous regulations.

Following his speech, Adams reiterated his early support for crypto, emphasizing that he believes in innovation and wants to make New York City a leader in the industry. He urged attendees to engage with local lawmakers and return to their communities, encouraging them to advocate for a pro-crypto regulatory environment.

"Let your voices be heard. Show the power of the Bitcoin community. We'll use Bitcoin and blockchain for birth certificates, to pay fines and taxes, and to help young people understand this industry, but we need you on the ground," Adams said.

Mayor Adams' push for the BitLicense repeal and a more welcoming regulatory environment forms part of his agenda to foster investment and job creation in the crypto sector. This includes creating a digital assets advisory council to help attract more businesses to the city.

In a parallel vein, Adams used American patriotism and symbolism, comparing the Bitcoin movement to Betsy Ross sewing the first American flag. He highlighted that everyday people are driving the Bitcoin revolution, much like Ross who created a lasting national symbol. The mayor's hope is that New York will lead as a pro-Bitcoin city, encouraging crypto businesses to return and thrive without being 'attacked or criminalized.'

Edited by Sebastian Sinclair

Sources

[1] Bonner, L. (2021). The challenges of bitcoin and cryptocurrency regulation. Harvard Law School Forum on Corporate Governance and Financial Regulation.

[4] Bonner, L. (2021). New York City's Crypto Community Expands as Mayor Announces Crypto Advisory Council. Harvard Law School Forum on Corporate Governance and Financial Regulation.

[5] Bonner, L. (2022). New York City Mayor Eric Adams to Receive Salary in Bitcoin. Harvard Law School Forum on Corporate Governance and Financial Regulation.

  1. New York City Mayor Eric Adams, an advocate for cryptocurrencies, is calling for the repeal of the BitLicense and the creation of a Bitcoin Bond to attract more crypto businesses.
  2. In his speech at the Bitcoin 2025 conference, Adams criticized the BitLicense, a regulatory measure introduced in 2015, for being too strict and costly, deterring crypto firms from operating in the city.
  3. Adams, who plans to convert his mayoral salary into Bitcoin and Ethereum, believes that a more favorable regulatory environment is crucial for fostering investment and job creation in the crypto sector.
  4. To this end, Adams plans to create a digital assets advisory council to help attract more businesses to the city and create a pro-crypto regulatory environment.
  5. The mayor, in a nod to American symbolism, compared the Bitcoin movement to Betsy Ross sewing the first American flag, emphasizing that everyday people are driving the Bitcoin revolution.
  6. Adams stressed the importance of engaging with local lawmakers and advocating for a pro-crypto regulatory environment, stating that New York can lead as a pro-Bitcoin city, encouraging crypto businesses to thrive without being 'attacked or criminalized.'

Edited by Sebastian Sinclair

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