Adams Doubles Down: “New York City Is Open for Crypto Business”
New York City Mayor Eric Adams is making it crystal clear — the Big Apple still wants to be the global capital of crypto. Speaking from Gracie Mansion on Monday, Adams reaffirmed his administration’s commitment to blockchain, fintech, and Web3, just days before the city’s first-ever crypto summit, set for May 20.
Crypto for the Underbanked, Not Just the Wealthy
Adams emphasized that crypto and blockchain aren’t just for Wall Street. He pointed to New York’s underbanked population — those who’ve struggled to access basic financial services — as key beneficiaries of decentralized finance and blockchain innovation. Matt Fraser, the city’s Chief Technology Officer, echoed the sentiment. “Blockchain has the potential to democratize access not just to financial services, but also vital records like birth and death certificates,” Fraser said.
NYC’s First Crypto Summit: May 20
The upcoming Crypto Summit is designed to bring together builders, regulators, and investors for what Adams described as a “cross-pollination of ideas.” The event aims to develop actionable strategies that will help grow the city's Web3 ecosystem, with support from both the private sector and local government. Adams pledged to work hand-in-hand with tech companies, reiterating that New York City remains open for blockchain innovation.
A Mayor With Skin in the Game
Adams has long worn his crypto advocacy on his sleeve. In 2022, he converted his first three paychecks into Bitcoin and Ether, honoring a campaign promise and signaling his belief in the sector. His re-election campaign in 2025 is expected to lean heavily into tech-forward and pro-business policies. Interestingly, Adams is now running as an independent candidate, marking a break from his previous affiliation with the Democratic Party.
Legal Clouds Clear… For Now
Last month, five federal charges against Adams — including wire fraud — were dismissed by a U.S. District Judge at the request of the Trump-era Justice Department, clearing a major hurdle in his campaign. While critics remain skeptical, Adams appears ready to reclaim momentum with crypto as a core plank of his platform.
