Nazia Saeed
New York City Mayor Eric Adams announced the formation of a digital advisory council aimed at making the city a global leader in cryptocurrency and blockchain technology. Speaking at the inaugural New York City Crypto Summit on May 20, Adams emphasized the importance of leveraging emerging technologies to benefit residents and stimulate economic growth.
This is not about chasing memes or trends, Adams stated. We want to use the technology of tomorrow to better serve New Yorkers today. He said the new council will draw on local experts to guide the city through the “age of tokenization,” including crypto, blockchain, and other fintech innovations.
While Adams did not provide detailed information on the advisory council’s structure, he confirmed that a chairperson and specific policy recommendations would be announced in the coming weeks.
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The initiative follows a May 12 announcement that financial services firm Figure and private equity groups Traction and Scale would support New York’s crypto strategies.
Mayor Adams revealed that the city is evaluating the feasibility of accepting certain tax payments and fees in cryptocurrency. Additionally, New York plans to explore blockchain technology to secure vital records, such as birth and death certificates. Bringing blockchain security capabilities to the city means that birth certificates and death records can remain private but accessible to New Yorkers and their next of kin, Adams explained.
The mayor reiterated his commitment to building a diverse, inclusive, and future-ready tech ecosystem. “We want to bring jobs of the future to our city today,” he said. That means supporting the development of a more diverse, equitable, inclusive tech ecosystem. We must embrace this emerging technology and build on the success of our economy.
While the city moves ahead, state lawmakers are also proposing crypto legislation, though progress has been limited. In April, Assemblyman Clyde Vanel introduced a bill to allow state agencies to accept crypto payments, but it has yet to reach the full House or Senate.
Similarly, State Senator James Sanders Jr. proposed the Blockchain Study Act in February to establish a task force for reviewing crypto usage across New York. That bill remains stalled in the House.
Adams, who took office in January 2022, made digital assets a central part of his platform famously accepting his first three pay checks in Bitcoin. His administration was briefly overshadowed by an investigation into alleged illegal donations from the Turkish government, but the case was dismissed with prejudice by the Justice Department on April 2.
Meanwhile, at least 18 U.S. states are considering legislation to establish a strategic Bitcoin Reserve, with New Hampshire and Arizona already passing such laws, according to the Bitcoin Reserve Monitor.
