New York Mayor Eric Adams continued his push to shepherd the Crypto community to the Big Apple on Wednesday, calling on the city to create Bitcoin bonds and remove its controversial Bitlisense requirements.
“New York is the Empire. We don’t destroy the empire. We build the empire. We are telling you.
“We have a mayor who is the crypto mayor and mayor of Bitcoin. I want you to return to New York City. You won’t be attacked and criminalised there. Let’s remove your Bitcoin license and give us a free flow of Bitcoin in our city,” he added.
The speech comes a week after Adams hosted his first New York Crypto Summit. It announced the development of a Digital Asset Advisory Committee, designed to support employment and investment in New York City.
Introduced in 2015, Bitlicense is a legal requirement for businesses trading on Crypto in New York. Bitlicense was established to regulate the industry and protect consumers from fraud. Companies considering applying must meet strict compliance standards, costing approximately $5,000, potentially reaching more than $100,000.
The first company to receive Bitlicense was Circle, one of the digital payment companies behind USDC Stablecoin. Other companies awarded to Bitlicenses include Coinbase, Bakkt, XRP II, LLC (an affiliate of Ripple Labs), Robinhood Crypto and Sofi Digital Assets.
Crypto companies require Bit Resense to operate in the state, but the New York Financial Services Agency notes that merchants and consumers who use cryptocurrency solely to purchase goods and services are exempt from obtaining it.
In his speech, Adams compares the origins of Bitcoin to the Betsy Roth story, saying that Bitcoin is driven by everyday people, as it is generally believed to sew the first American flag.
“She was not a great intelligence. She was not a great government regulator. She was not a philosophical intellectual who wanted to decide to be the foundation of our nation,” Adams said. “She was just normal people like you and me – hard work blue-collar people, but that flag is still standing today. That’s what Bitcoin is about.”
Adams has repeatedly supported cryptocurrencies early, including converting his first mayoral salary to Bitcoin and Ethereum, saying he believes in innovation, wants to make New York City a leader in the crypto industry, and makes it a place where investors and developers can “thrive without being attacked or criminalised.”
Adams warned the audience that actual work would begin once the meeting was over, urging them to return to their local community and engage and actively advocate with local lawmakers supporting the crypto industry.
“Learn your voice. Show the power of the Bitcoin community. We use Bitcoin and blockchain for birth certificates, pay fines and taxes, helping young people understand the industry, but we need you on earth,” Adams said.
“The message is clear. Go out there and show your strength, because otherwise, elected officials will use them to destroy your industry. You need to win.”
edit Sebastian Sinclair