London Daily

Focus on the big picture.
Monday, Sep 15, 2025

The Crypto Ambitions of New York’s Next Mayor — and What Could Stop Him

The Crypto Ambitions of New York’s Next Mayor — and What Could Stop Him

Eric Adams’s embrace of crypto and his promise to make the city the center of the industry have generated excitement. He’s got his work cut out.
New York City Mayor-elect Eric Adams is already excelling at one major aspect of the job — cheerleading — at least as far as cryptocurrency is concerned.

Since his Nov. 2 victory, Adams has been selling New York as a crypto-friendly hub. The Brooklyn borough president and former cop has the support of crypto heavyweight Mike Novogratz of Galaxy Digital. He has opened up a jokey competition with fellow crypto-enthusiast and Miami Mayor Francis Suarez; suggested schools teach cryptocurrency and its technology; pledged to explore a mechanism to allow New Yorkers to be paid in virtual currencies; and even vowed to take his own first three paychecks as mayor in Bitcoin.

“This is a clear signal from me that I am not playing. We have become too afraid as a city we have become a culture of ‘no.’ We turn down everything,” Adams, 61, said in remarks to reporters last week while attending a conference in Puerto Rico. “This used to be a city where we led from the front.”

Adams’s public embrace of crypto and his promise to make the most populous U.S. city the center of the industry has generated plenty of excitement and even landed New York its own token. And in some ways, he will have a lot of control over what the city’s government looks like. Adams could appoint an aide and call them “crypto czar,” create a mayor's office of crypto currency or task a deputy mayor with promoting the industry, said John Kaehny, executive director of Reinvent Albany, a government accountability group. His power is limited beyond that. The state government sets the rules for the industry, the city's largest investment funds are out of his hands and changing payment processes require signoff from the City Council.

"He can certainly cheerlead for crypto a great deal and that's probably great for crypto but in terms of actually implementing things the chances are very very little to none," Kaehny said. "There are many, many practical obstacles."

During his run, Adams told Bloomberg News he wants to move the city onto an electronic cyber wallet instead of payroll checks and direct deposit, which would streamline payments for city workers and social benefit recipients while allowing the city to better track these monies.

Still, Adams has provided few details on how he plans to make these kind of things work. Evan Thies, a spokesperson for Adams, said the mayor-elect has no further comment on his crypto plans beyond what he has said publicly and will have polices and initiatives to announce closer to the start of his administration in January. His transition team includes Goldman Sachs Group Inc. Chief Financial Officer Stephen Scherr as well as Steven Choi, who runs the Novogratz-backed group One for Democracy.

Courting the crypto industry dovetails with Adams’s desire to present the city as open for business. New York already has one of the largest shares of crypto specialist jobs in the U.S., but the industry hasn’t yet settled on a single hub and other cities, such as Miami, Austin and Denver, are increasingly attracting talent.

One of the the incoming mayor’s biggest obstacles to making it easier for crypto companies to do business is a regulatory regime that’s one of the strictest in the U.S. It’s also one over which he’ll have no power, given the state’s control over virtual currency rules.

New York state requires industry participants, like exchanges and custodians, obtain a Bitlicense. That licensing process asks for financial disclosure, anti-money laundering compliance and cybersecurity compliance, among other requirements. Since the rules were implemented in 2015, roughly 30 companies have obtained a license or charter under the regime.

“New York state is perceived as one of the tougher states to establish a virtual currency business,” said Jeff Neuburger, a partner at Proskauer Rose LLP and head of the firm’s blockchain group. “It’s a fairly rigorous process for somebody to get a Bitlicense.”

New York has room to maneuver within the constructs of the state law and the licensing process doesn’t apply to investors or businesses that decide to accept virtual currency as payment, Neuburger said. However, it can’t loosen or make any run around that process.

In addition to the state laws, New York state Attorney General Letitia James has used her office to pursue virtual currency companies. James, who is running for governor in 2022, took action in February to bar Bitfinex and Tether from operating in the state for overstating their reserves, while fining the companies $18.5 million. A month later, she issued a warning to investors about the risks of the market, urging extreme caution for those who do participate, while also warning industry participants to register with her office.

That combination makes things tough for Adams and his ambitions for the city, said Mark Yusko of Morgan Creek Capital Management. “You don’t want your AGs to be negative crypto if you want to be a crypto city,” he said.

Despite the lack of details, industry participants are excited for a mayor who embraces the industry. A cryptocurrency project called CityCoins was searching for a second city to launch a token after unveiling MiamiCoin in August. It chose New York over Austin, Texas, after Adams spoke last week. The city-specific coin, which has produced more than $20 million for Miami so far, began mining in New York on Wednesday.

Wall Street — despite its sometimes public indifference, and even disdain, of the industry — is unlikely to be a major obstacle, said Justin Saslaw, a partner at Social Capital LP, a venture capital and private equity investment firm that invests in crypto.

“Wall Street isn’t going to put up a fight against the mayor,” Saslaw, who worked on a blockchain strategy group at Goldman in 2015, said. “Goldman, JPMorgan, Citi are three of the most active corporate venture capital participants in the crypto industry.”

At a basic level, positioning New York as a hub would bring jobs in a growing industry and economic activity to a city that Adams has pledged to revive. And it comes at the same time that Wall Street may be shrinking its footprint in the city.

“It would mean an influx of talent, the potential for an influx of tax revenue,” Morgan Creek’s Yusko said. “It won’t be easy because there are structural and logistical headwinds. But it’s not impossible.”
Newsletter

Related Articles

0:00
0:00
Close
London Daily Podcast: London Massive Pro Democracy Rally, Musk Support, UK Economic Data and Premier League Results Mark Eventful Weekend
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Musk calls for new UK government at huge pro-democracy rally in London, but Britons have been brainwashed to obey instead of fighting for their human rights
Elon Musk responds to post calling for the murder of Erika Kirk, widow of Charlie Kirk: 'Either we fight back or they will kill us'
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
USA: Office Depot Employees Refused to Print Poster in Memory of Charlie Kirk – and Were Fired
Proposed U.S. Bill Would Allow Civil Suits Against Judges Who Release Repeat Violent Offenders
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
Pig Heads Left Outside Multiple Paris Mosques in Outrage-Inducing Acts
Nvidia’s ‘Wow’ Factor Is Fading. The AI chip giant used to beat Wall Street expectations for earnings by a substantial margin. That trajectory is coming down to earth.
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
On the Anniversary of Queen Elizabeth’s Death: Prince Harry Returns to Britain
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
×