NYC Mayor Eric Adams Unveils Bold Plan for Crypto Council at Crypto Summit

Adams Aims to Make New York the "Crypto Capital of the Globe"

Holy blockchain, Batman! NYC Mayor Eric Adams just dropped a bombshell at the New York City Crypto Summit on May 20. He's rolling out the red carpet for a digital advisory council that's gonna steer the city's digital asset strategy straight into the future. Talk about a power move!

Adams is fired up, y'all! He's convinced that this council is the key to attracting boatloads of investment, creating a ton of jobs, and cementing New York's spot as the global epicenter for blockchain innovation. He's not messing around!

"We want to use the technology of tomorrow to better serve New Yorkers today," Adams declared during his electrifying speech. And get this—he's gunning for New York to become the "crypto capital of the globe." You heard it here first, folks!

So, what's the deal with this council? It's gonna be stacked with industry heavyweights who'll be on a mission to find use cases that actually benefit the public. Adams is keeping the juicy details under wraps for now, but he spilled the beans that they'll be appointing a chairperson soon and dropping some major policy recommendations in the coming weeks. Stay tuned!

But wait, there's more! Adams revealed that New York City is diving headfirst into exploring blockchain for all sorts of administrative functions. We're talking managing sensitive records like birth and death certificates. Mind. Blown.

"Bringing blockchain security capabilities to the city means that birth certificates and death records can remain private but accessible," Adams explained. It's like Fort Knox, but for your vital stats!

And if that wasn't enough, the city is also mulling over whether you can pay select services and taxes with cryptocurrency. It's part of a massive initiative to drag the city's financial infrastructure kicking and screaming into the 21st century. Financial services firm Figure, along with private equity groups Traction and Scale, are already all in on the city's crypto roadmap. Cha-ching!

Ever since Adams took office in January 2022, he's been all about that crypto life. Remember when he converted his first three mayoral paychecks into Bitcoin? That's right—he's the real deal, and he's not afraid to show it.

And guess what? His vision is catching fire at the state level too. Top New York officials are jumping on the pro-crypto bandwagon like it's going out of style.

Take Assembly member Clyde Vanel, for example. In April, he reintroduced a bill that would let New York agencies take crypto for fines, taxes, and other obligations. But that's not all—he's also pushing to study how blockchain can lock down election systems and keep voter data safe as houses. If his bill passes, the State Board of Elections will have to deliver the goods within a year.

And let's not forget State Senator James Sanders Jr. He's proposing a task force to figure out how crypto and blockchain can totally transform New York's economy. It's like a crypto revolution, and New York is leading the charge!

But the crypto craze isn't just limited to the Empire State. Across the U.S., at least 18 states are getting in on the action, exploring legislation to set up a strategic Bitcoin reserve. And just this month, New Hampshire became the first state to give its treasurer the green light to invest public funds in Bitcoin. The future is now, people!