- As the NYC Crypto Summit kicks off, Mayor Eric Adams has announced the creation of a crypto advisory council.
- Adams reaffirmed his commitment to making the city a leader in crypto.
- The Mayor stressed the city’s crypto strategy was focused on long-term value and innovation, not meme culture.
Opening the New York City Crypto Summit on Tuesday, Mayor Eric Adams announced the creation of a new crypto advisory council, which he says will help drive job growth and attract investment to the city.
His comments came after he criticized the influence of meme culture in the crypto space, stating that he wants to focus solely on the technology’s “long-term value.”
Crypto Council
In his opening remarks at the NYC Crypto Summit, Mayor Eric Adams reaffirmed his goal of making New York City the “crypto capital of the globe.”
To support this vision, Adams announced the creation of a “Digital Asset Advisory Council” focused on attracting major fintech jobs and investment to the city.
While specific details about the council were limited, the mayor confirmed that key policy recommendations would be released within the next month.
Adams, alongside New York City Chief Technology Officer Matthew Fraser, also discussed how the city plans to integrate crypto and blockchain technologies into government operations.
“We’re exploring the power of blockchain to manage sensitive information, such as vital records,” Adams said.
“By leveraging blockchain’s security features, birth and death certificates can remain private yet easily accessible to New Yorkers and their next of kin,” Adams added.
Mayor Turns Away From Crypto Meme Culture
At a press conference on Monday, May 12, Mayor Adams separated the summit from meme culture and trends, while announcing new partnerships with financial firms to promote digital asset growth.
At the press conference, Adams commented on the rise of meme culture within the crypto space.
“We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends,” Adams said.
He added that the city aimed to build a sustainable future for crypto and blockchain technologies.
The mayor also revealed plans to convene industry leaders to guide the city’s strategy.
“We’re bringing together leaders from across the industry to advise us on the next steps and how we can move forward in the right direction,” he said.
“For those involved in crypto, blockchain, Web3, or fintech—New York City is open for business,” he added.
Strategic Partnerships
Adams announced the city had partnered with June Ou, founder of the financial services company Figure, and Richie Hecker, CEO of the private equity firm Traction and Scale.
These financial leaders will advise the city on economic development initiatives and public service opportunities involving digital assets.
“They’re joining our world-class roster of crypto talent and resources in New York City,” Adams said.
“We’re committed to working with tech companies, from startups to global giants, to create a business-friendly environment that fosters success,” he added.
A Crypto-Forward City
Adams reaffirmed his longstanding support for crypto, noting he was the first U.S. mayor to convert his first paychecks into Bitcoin and Ether.
“I was the first American mayor to have my initial three paychecks converted into crypto way back in 2022,” he said. “Many people laughed at me, and the only thing I can say is who’s laughing now?”
According to the mayor, the number of crypto and blockchain startups in the city has “skyrocketed” since the beginning of his term.
The NYC Crypto Summit, first announced last month, will gather leading innovators and influencers to help shape the city’s future in the digital economy.
The summit “will help us chart our path forward,” Adams said.
