New York City Mayor Eric Adams has unveiled an ambitious plan to transform the Big Apple into a global crypto capital, countering what he calls the “demonization” of digital assets. The initiative includes regulatory reforms, strategic partnerships, and the city’s first Crypto Summit scheduled for May 20 at Gracie Mansion.
Adams emphasized blockchain technology’s potential to modernize city services during a press conference, stating: “We’re not chasing memes or trends. We’re focused on the long-term value these technologies offer to the people of New York.” The announcement comes as several major financial firms establish new blockchain divisions in Manhattan.
The mayor’s office revealed a three-pronged approach: creating a crypto-friendly regulatory environment, upgrading municipal systems with distributed ledger technology, and establishing New York as the primary hub for Web3 talent recruitment in North America.
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First NYC Crypto Summit Targets Industry Collaboration
Scheduled just eight days after Adams’ announcement, the NYC Crypto Summit will bring together regulators, entrepreneurs, and institutional investors. Key agenda items include:
- Tokenization of city assets and records
- Blockchain-based identity verification systems
- Framework for crypto business licensing
Chief Technology Officer Matthew Fraser confirmed that 14 major exchanges and custody providers have already committed to participate, though specific names remain undisclosed.
Figure Firm Leads Municipal Blockchain Integration
San Francisco-based Figure Technologies will advise on implementing blockchain solutions across city agencies through its New York subsidiary. The company’s Provenance blockchain currently processes over $15 billion in mortgage assets monthly.
Figure CEO June Ou outlined initial deployment plans:
- Digitizing property records through NFT-like tokens
- Streamlining small business license verification
- Creating blockchain-tracked municipal bonds
The partnership marks Figure’s first major government contract, with pilot programs expected to launch in Q3 2025.
Traction and Scale to Drive Crypto Workforce Development
Venture studio Traction and Scale will lead a $40 million initiative to train New Yorkers in blockchain development. The program targets 5,000 graduates by 2026, focusing on underrepresented communities in tech.
CEO Richard Hecker revealed the curriculum will emphasize:
- Smart contract programming
- Regulatory compliance
- Decentralized finance protocols
The city has allocated 15% of its tech workforce budget to the project, with matching funds from private investors.
Adams drew parallels to his controversial 2022 decision to convert his first three paychecks to cryptocurrency, quipping: “All I can say is, who’s laughing now?” City payroll systems now support optional Bitcoin and Ethereum conversions through partnership with BitPay.
Market analysts note increased institutional interest following the announcements. “New York’s stance could trigger a domino effect among global financial hubs,” said Bloomberg Intelligence senior market strategist Mike McGlone.
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The initiatives have already impacted crypto markets, with New York-based projects seeing average 17% price increases since the announcement. Trading volume for NYC-focused blockchain tokens surged 214% on May 13, outpacing the broader market’s 9% gain.
