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New York City Going To Be More Crypto-Friendly, Says Mayor-Elect Eric Adam

Mayor-elect Eric Adams says he wants to make New York City “crypto-friendly,” and he’s taken note of Miami’s CityCoins project’s recent success.

Adams defeated Republican nominee Curtis Sliwa in the general election on Tuesday. His campaign centred on crime prevention – Adams’ history is in the NYPD, where he worked as a cop for 22 years before being elected to the state senate and served as Brooklyn Borough President.

But, as Mayor-elect, he sees cryptocurrency as one way to boost financial growth in the city.

In an interview, the New York City Mayor-Elect stated that he is committed to investigating “what is inhibiting the rise of Bitcoin and cryptocurrency” in the city. This is part of a bigger attempt to make the city more “business-friendly.”

“We’re too bureaucratic, too expensive and too difficult to do business,” he said. “Our agencies, they go into businesses looking for ways to penalize or fine them. We’re changing that atmosphere altogether, we’re going to become a business-friendly city.”

The city has notoriously high licencing obstacles for crypto companies. It is the home of the BitLicense, the highest standard of licensure but a costly and time-consuming process.

Adams also told Bloomberg that he is looking at the recent success of Miami’s crypto initiatives and wants to engage in “friendly rivalry” with the city in the domain of crypto endeavours. Miami Mayor Francis Suarez recently stated that the city had made $7.1 million in less than a month from a partnership with the CityCoins system. Adams also stated that he is “going to look in the direction to carry it through.”

CityCoins allows users to store and exchange a token reflecting a stake in a municipality on the platform. The user earns a percentage of the coins minted by running the software. In the case of Miami, users received 70%, while the remaining 30% returned to the municipality. Suarez is particularly optimistic about the initiative, claiming that MiamiCoin might produce $60 million for the city in a single year.