NYC Mayor Eric Adams Courts Crypto Industry: “Come Build an Empire”

May 13 2025

New York Mayor Eric Adams as he speaks during an address from City Hall, Tuesday, Feb. 11, 2025.

NEW YORK - New York City Mayor Eric Adams is making a bold call to the global crypto industry: set up shop in the Big Apple. Speaking at a press briefing on Monday from Gracie Mansion, Adams emphasized his vision of turning New York into a global hub for cryptocurrency and blockchain innovation.

“We're in the midst of nothing short of a technological revolution,” Adams declared. “It’s not the future, it is here and it’s here now.”

In a move underscoring that commitment, Adams announced New York City’s first-ever Crypto Summit, scheduled for next week. The summit will bring together city officials and leaders from the cryptocurrency sector to explore how the industry and the city can grow together. The event, timed closely after the White House Digital Asset Summit in March, signals New York’s intent to take a leading role in shaping the future of digital finance.

"This is the Empire State," Adams said. "We should be building empires, especially in the crypto space."

As he seeks reelection, Adams has doubled down on his pro-crypto stance, highlighting the potential of digital assets to foster innovation, attract investment, and provide opportunities for underserved communities. “My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe,” he said.

The mayor's enthusiasm, however, comes against a backdrop of regulatory tension. New York is home to the Department of Financial Services (NYDFS), widely regarded as one of the strictest crypto regulators in the country. The NYDFS’s BitLicense, required to operate a crypto business in the state, is often criticized for its complexity and exclusivity. Adams himself once called for scrapping the BitLicense, arguing it stifled growth.

But on Monday, his tone was more diplomatic.“It’s good to know that the city will have safe regulations in place to protect investors and prevent abuse,” Adams said. “But at the same time, we can overregulate and hinder innovation. There’s a balance, we need safety, but we also need room to grow.”

Adams’ renewed focus on crypto also comes shortly after federal prosecutors appointed during Donald Trump’s presidency, dropped longstanding corruption charges against him, a move that prompted controversy and a wave of resignations among career attorneys. Adams, however, appears undeterred, channeling Trump’s rhetoric about making the U.S. the "crypto capital of the planet" as he positions New York to lead the charge.

“We’re going to attract world-class talent, provide opportunities for underbanked communities, and make the government more user-friendly,” he said. “This isn’t about trends. It’s about long-term value for our city and its people.”

As the crypto industry continues to navigate global uncertainty and regulatory headwinds, Adams’ pitch presents a bold invitation and a potential turning point for New York’s financial future.