New York Mayor Calls for Introduction of Bitcoin Bonds

New York Mayor Eric Adams has called for the creation of a bitcoin bond in the city and the removal of its controversial BitLicense requirements.

– New York is the Empire State. We do not break empires, we build empires. We are telling you: come back home – he said during the Bitcoin 2025 conference in Las Vegas.

– You have a mayor who is a crypto mayor, a bitcoin mayor, and I want you back in New York City, where you will not be attacked and criminalized. Let’s get rid of the license and allow us free flow of business in our city – he added.

The speech comes a week after Adams hosted the inaugural New York Crypto Summit, where he announced the development of an advisory council for digital assets designed to help open jobs and investments in New York City.

Introduced in 2015, the BitLicense is a legal requirement for companies dealing with crypto in New York. The BitLicense was established to regulate the industry and protect consumers from fraud. Companies wishing to apply must meet strict compliance standards, with costs starting around five thousand and potentially exceeding one hundred thousand dollars.

The first company to receive a BitLicense was Circle, one of the digital payment companies behind the USDC stablecoin. Other companies that have received BitLicenses include Coinbase, Bakkt, XRP II, LLC (an affiliate of Ripple Labs), Robinhood Crypto, and SoFi Digital Assets.

While crypto companies need a BitLicense to operate in the state, the New York Department of Financial Services notes that merchants and consumers using virtual currency solely for purchasing goods and services are exempt from obtaining one.

In his speech, Adams compared the origin of bitcoin to the story of Betsy Ross, stating that bitcoin is driven by ordinary people, just as Ross, who is popularly credited with sewing the first American flag, created a lasting national symbol.

Reiterating his early support for crypto, including converting his first mayoral salary into bitcoin and ethereum, Adams stated that he believes in innovation and wants to make New York a leader in the crypto industry and a place where investors and developers can thrive without being attacked or criminalized.

Adams warned the audience that the real work begins after the conference ends, urging them to return to their local communities, collaborate with local lawmakers who support the crypto industry, and actively defend it.

– Let your voices be heard. Show the strength of the bitcoin community. We will use bitcoin and blockchain for birth certificates, for paying fines and taxes, and to help young people understand this industry, but we need you on the ground – said Adams.