Come Build an Empire in NYC

NEW YORK, NY — New York Mayor Eric Adams is making a pitch to crypto corporations returning to the U.S. or increasing their presence in the nation: arrange store in New York City.

“This is the Empire State,” Adams mentioned at a press briefing at Gracie Mansion on Monday. “We should be looking forward to building empires, particularly in the crypto space.”

Adams, who’s operating for reelection, reiterated his dedication to creating New York City a crypto hub, telling reporters that he would work with tech and crypto corporations, each huge and small, to create a pleasant surroundings to draw them and assist them succeed.

“My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe,” Adams mentioned. His remarks echo comparable pledges from President Donald Trump, who has repeatedly mentioned he desires to make the U.S. the “crypto capital of the planet.”

Adams can also be taking inspiration from Trump in one other means: subsequent week, he’s internet hosting New York City’s first-ever Crypto Summit, which he mentioned will deliver collectively metropolis officers and representatives from the crypto business to debate methods town can profit from crypto — and vice versa. In an April press launch saying the summit, Adam’s administration described the occasion as “com[ing] on the heels of the White House Digital Asset Summit in March.”

“We’re going to attract world-class talent, provide opportunities for underbanked communities, and make government more user-friendly,” Adams mentioned. “We are focused on the long term values of these technologies for our city and its people, not chasing memes or trends.”

Earlier this 12 months, Trump’s appointed officers on the Department of Justice directed prosecutors in the Southern District of New York to drop corruption expenses in opposition to Adams, resulting in an exodus of profession prosecutors. The expenses had been dismissed with prejudice by a decide.

New York’s crypto business — in addition to its banking and insurance coverage industries — is regulated by the New York Department of Financial Services (NYDFS), which has a status as a tricky regulator. NYDFS points the notoriously difficult-to-get Bitlicense, a particular license required to do enterprise as a crypto firm in New York. In the previous, Adams has been crucial of the Bitlicense, claiming that it stifled regulation and advocating for scrapping it shortly after taking workplace as mayor in 2022.

When requested about New York’s regulatory surroundings on Monday, nonetheless, Adams appeared to strike a extra conciliatory tone in direction of NYDFS, saying that “it’s good to know that the city is going to have safe regulations in place for those who are investing, and there’s not going to be any abuses.”

“But at the same time, we can overregulate and prevent growth,” Adams added. “There’s a level of safety that comes with the right regulations, but overregulations can hurt this industry and we don’t want that to happen.”