tl;dr
New York Mayor Eric Adams announced the city’s first official crypto summit to be held on May 20, aiming to establish New York as the global crypto capital. He highlighted the city’s growing blockchain sector and its potential to enhance financial inclusion for underserved communities. Adams emphasi...
New York Mayor Eric Adams announced the city’s first official crypto summit to be held on May 20, aiming to position New York as the global crypto capital and promote blockchain-driven financial inclusion. He highlighted the city’s expanding blockchain sector and its potential to enhance access to financial services for underserved communities.
Adams emphasized his long-standing support for cryptocurrency, noting that since January 2022 he has converted his paychecks into Bitcoin and Ethereum. “Many people laughed at me—and all I can say is, who's laughing now?” he said, reflecting on the rapid growth of New York’s crypto and blockchain startups.
The summit seeks to foster collaboration between public officials and private innovators, encouraging a “cross-pollination of ideas and methods” to guide the industry’s future. Adams stressed the importance of balanced regulation that protects investors without stifling innovation and growth. “Our state should embrace the crypto and blockchain-friendly environment we have in New York City,” he said, warning against overregulation that could harm the sector.
Rejecting fleeting trends like memecoins, Adams reiterated the city’s commitment to the long-term value of blockchain technologies for economic development and public service. The event also appears to signal Adams’ broader political strategy ahead of his impending independent mayoral reelection bid, especially following the dismissal of a federal corruption investigation against him.
Adams underscored New York’s emergence as a serious competitor to California’s Silicon Valley in crypto innovation, highlighting blockchain’s promise to expand financial inclusion for historically excluded communities. “Finance is something that can impact those communities that have historically found themselves lacking access to banks and ways to save their resources and dollars,” he pointed out.
The New York Crypto Summit will bring together crypto innovators, influencers, and keynote speakers to share insights aimed at steering the industry toward sustainable growth and equitable opportunity. Adams concluded, “This is the Empire State; we should be focused on building empires, especially in the crypto space.”