New York City Announces Digital Assets Advisory Council to Solidify Crypto Capital Status
New York City Mayor Eric Adams unveils strategies to bolster the controversial crypto sector, referred to as the "demonized" digital currency industry.
Mayor Eric Adams previewed the creation of a digital assets advisory council for New York City during his opening remarks at the inaugural NYC Crypto Summit. This council is intended to help bring jobs and investment to the city, with a goal of establishing New York as the world's "crypto capital."
Adams, who accepted his first three paychecks in Bitcoin and Ethereum in 2022, sought input from the crowd of crypto enthusiasts and investors gathered to hear his ideas for propelling New York forward.
"My commitment remains the same: making New York City the undisputed leader in the crypto sphere," said Adams. "We will be establishing a digital asset advisory council to attract big fintech jobs and investment right here in the Big Apple."
Further details about the council were not provided, but Adams indicated that its chair and key policy recommendations would be unveiled in a matter of weeks.
"This is not a flight of fancy; we want to harness the technology of tomorrow to serve our citizens better today," said Adams.
The council's plans for blockchain and cryptocurrency in New York City are still sketchy, though both Adams and New York City CTO Matthew Fraser highlighted the potential for utilizing blockchain to manage sensitive information, such as vital records like birth and death certificates.
"We're investigating the power of blockchain and how it can help manage critical data, such as our birth and death records," said Adams. "Implementing blockchain security for city records means that sensitive information remains secure while remaining easily accessible to New Yorkers and their families."
Fraser added that they are also examining whether city services and taxes could be paid via cryptocurrency.
"Consider the impact for those left out of the traditional banking system, who could pay for government services using crypto," said Fraser. "This is not about innovation for innovation's sake; this is about ensuring survival. If we don't capitalize on this opportunity now, we risk falling behind."
At the event's conclusion, individuals and organizations with a stake in crypto and fintech discussed ways to support the mayor's vision and offered their ideas for overcoming obstacles in the crypto sector.
Mayor Adams' interest in cryptocurrency and blockchain was furthered by the recent re-election of President Donald Trump, under whom the president has made multiple cryptocurrency-related policy moves. Adams has embraced Trump's policies and is running for re-election as an independent, following a federal corruption investigation. Trump's DOJ dropped the charges against Adams in April.
Near the event's conclusion, Adams spoke to the renewed opportunities for the crypto industry, stating, "You were harassed, demonized, and treated as the enemy. But you withstood it. Your resilience is admirable, and it will all pay off, because everyone is going to come around."
Submitted for publication by Andrew Hayward
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Enrichment Data:- The council will include experts from various segments of the digital asset industry and will meet regularly to steer the city's fintech and blockchain strategy.- The primary purpose of the council is to drive investment and job creation in fintech and digital asset ecosystems, with key policy recommendations on public policies, municipal blockchain applications, regulatory clarity, and workforce development to be presented in the coming weeks.- Establishing New York City as the "crypto capital" of the world involves creating an innovation hub for digital finance, fostering economic growth through fintech job creation, attracting investment, and modernizing municipal services through blockchain adoption, aligning with Mayor Adams' broader vision for the city's future economic positioning.
- The digital assets advisory council for New York City, to be established, aims to attract big fintech jobs and investment, positioning the city as the world's "crypto capital."
- In 2022, Mayor Eric Adams made history by accepting his first three paychecks in Bitcoin and Ethereum.
- The council will be chaired by an expert from the digital asset industry and will meet regularly to steer the city's fintech and blockchain strategy.
- Key policy recommendations, including regulatory clarity and workforce development, will be presented by the council in the coming weeks.
- The potential for utilizing blockchain to manage sensitive information like birth and death certificates is one of the council's plans for blockchain and cryptocurrency in New York City.
- With the goal of modernizing municipal services, the city is also exploring the possibility of city services and taxes being paid via cryptocurrency.
