NYC Mayor Eric Adams Forms Crypto Advisory Council to Cement City as Global Fintech Hub
- New York City launches a crypto advisory council to create and attract more fintech opportunities and investment.
- The city under the leadership of Mayor Eric Adams will explore blockchain opportunities to manage records and accept crypto for taxes and services.
New York City’s Mayor Eric Adams has doubled down on his pro-crypto stance, announcing the creation of a new Digital Assets Advisory Council aimed at transforming New York into the world’s “crypto capital.” The announcement at the NYC Crypto Summit on May 20 signals the city’s intent to lead in fintech innovation, attract blockchain startups, and overhaul public services with decentralized technology.
“This is not about chasing memes or trends,” Adams said. “We want to use tomorrow’s technology to serve New Yorkers better today.”
The council will comprise fintech experts, industry veterans, and investors. While no names have been revealed, the mayor promised a chairperson and policy recommendations in the coming weeks. The New York City’s Chief Technology Officer, Matthew Fraser, is also an influential decision maker in the whole plan.
Blockchain for Public Services and Vital Records
Among the major aims of this proposal is the adoption of blockchain to leverage the state’s administrative services like records keeping, taxes acceptance and payment for public services. The Adams administration is ready to explore ways to keep birth and death records, including certificates on a decentralised ledger.
According to Adams, this would allow New Yorkers and their families to access vital records more securely and efficiently.
“Bringing blockchain security capabilities to the city means that birth certificates and death records can remain private but accessible to New Yorkers and their next of kin,” Adams added.
Fraser also stated that the integration of crypto into the public payment system could improve accessibility and ease.
“Imagine being able to pay for government services using crypto for those locked out of the traditional banking system,” he stated.
While the implementation phase remains unsure, the city’s keen interest and openness to blockchain adoptions is similar to other U.S. states’ efforts. At least 18 states are considering Bitcoin Reserve legislation, with Arizona and New Hampshire having already passed related bills.
Industry Backing and Startups See NYC as a Strategic Entry Point
The summit at the mayor’s official residence, Gracie Mansion, featured tech leaders, unicorn startups, venture firms, and family offices. Traction and Scale, a private equity firm, and Figure, a blockchain-based financial services company, were among the organizations confirmed to work with the city on crypto innovation.
Andrew Durgee, co-CEO of Republic, a platform that supports startups, said NYC remains a top choice despite regulatory uncertainty. “You now have all these smart, brilliant people coming back to the U.S., and they’re looking for a place to land,” Durgee noted. “New York could be it—if it builds the right environment.”
Adams also emphasized that the city must not fall behind in the digital finance race. “We want to bring future jobs to our city today,” he said, stressing that fintech must be diverse, equitable, and inclusive.
The council will host regular meetings and advise on crypto-related policy, business engagement, and the integration of digital assets into city infrastructure.
Despite Adams’ strong stance, crypto-related legislation in New York State is still catching up. In April, Assemblyman Clyde Vanel proposed a bill to allow state agencies to accept crypto as payment, though it hasn’t progressed to the full House or Senate. A separate Blockchain Study Act proposed in February by Senator James Sanders Jr. remains in early stages.
Nonetheless, NYC’s new initiative signals a broader shift in how municipalities engage with Web3 and crypto. The advisory council may position the city as a blueprint for other urban centres looking to modernize services and welcome tech investment.
“This is the age of tokenization,” Adams said. “We’re going to continue to move forward with it.”
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NYC Mayor Eric Adams Forms Crypto Advisory Council to Cement City as Global Fintech Hub
- New York City launches a crypto advisory council to create and attract more fintech opportunities and investment.
- The city under the leadership of Mayor Eric Adams will explore blockchain opportunities to manage records and accept crypto for taxes and services.
New York City’s Mayor Eric Adams has doubled down on his pro-crypto stance, announcing the creation of a new Digital Assets Advisory Council aimed at transforming New York into the world’s “crypto capital.” The announcement at the NYC Crypto Summit on May 20 signals the city’s intent to lead in fintech innovation, attract blockchain startups, and overhaul public services with decentralized technology.
“This is not about chasing memes or trends,” Adams said. “We want to use tomorrow’s technology to serve New Yorkers better today.”
The council will comprise fintech experts, industry veterans, and investors. While no names have been revealed, the mayor promised a chairperson and policy recommendations in the coming weeks. The New York City’s Chief Technology Officer, Matthew Fraser, is also an influential decision maker in the whole plan.
Blockchain for Public Services and Vital Records
Among the major aims of this proposal is the adoption of blockchain to leverage the state’s administrative services like records keeping, taxes acceptance and payment for public services. The Adams administration is ready to explore ways to keep birth and death records, including certificates on a decentralised ledger.
According to Adams, this would allow New Yorkers and their families to access vital records more securely and efficiently.
“Bringing blockchain security capabilities to the city means that birth certificates and death records can remain private but accessible to New Yorkers and their next of kin,” Adams added.
Fraser also stated that the integration of crypto into the public payment system could improve accessibility and ease.
“Imagine being able to pay for government services using crypto for those locked out of the traditional banking system,” he stated.
While the implementation phase remains unsure, the city’s keen interest and openness to blockchain adoptions is similar to other U.S. states’ efforts. At least 18 states are considering Bitcoin Reserve legislation, with Arizona and New Hampshire having already passed related bills.
Industry Backing and Startups See NYC as a Strategic Entry Point
The summit at the mayor’s official residence, Gracie Mansion, featured tech leaders, unicorn startups, venture firms, and family offices. Traction and Scale, a private equity firm, and Figure, a blockchain-based financial services company, were among the organizations confirmed to work with the city on crypto innovation.
Andrew Durgee, co-CEO of Republic, a platform that supports startups, said NYC remains a top choice despite regulatory uncertainty. “You now have all these smart, brilliant people coming back to the U.S., and they’re looking for a place to land,” Durgee noted. “New York could be it—if it builds the right environment.”
Adams also emphasized that the city must not fall behind in the digital finance race. “We want to bring future jobs to our city today,” he said, stressing that fintech must be diverse, equitable, and inclusive.
The council will host regular meetings and advise on crypto-related policy, business engagement, and the integration of digital assets into city infrastructure.
Despite Adams’ strong stance, crypto-related legislation in New York State is still catching up. In April, Assemblyman Clyde Vanel proposed a bill to allow state agencies to accept crypto as payment, though it hasn’t progressed to the full House or Senate. A separate Blockchain Study Act proposed in February by Senator James Sanders Jr. remains in early stages.
Nonetheless, NYC’s new initiative signals a broader shift in how municipalities engage with Web3 and crypto. The advisory council may position the city as a blueprint for other urban centres looking to modernize services and welcome tech investment.
“This is the age of tokenization,” Adams said. “We’re going to continue to move forward with it.”
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