NYC Mayor Interested In Making The City A Crypto Hub

Share post:

Crypto companies are ecstatic about the election of Eric Adams as mayor of New York City. Adams, a crypto enthusiast, promises to turn his city into a digital asset paradise.

Adams, who was sworn in just this month, is eager to lay the groundwork to make his city attractive to crypto firms. The state of New York has strict rules for crypto firms. In addition to expensive licenses, the state attorney general is cracking down on many crypto companies.

Against all odds, many crypto firms remain optimistic that the mayor’s stance will attract digital-asset startups eager to compete with traditional Wall Street firms and capitalize on the city’s diverse talent pool and bullish investment climate.

Furthermore, given the digital asset industry’s continued exponential growth – 3 million in November – New Yorkers would definitely want a piece of it.

One of Adam’s campaign promises was to develop a digital wallet for city employees and state beneficiaries. After his victory, he committed his first three paychecks to bitcoin and encouraged New York schools to teach courses on cryptocurrencies and blockchain technology.

It remains to be seen whether Adams can really transform government regulations in the cryptocurrency sector, which many cryptocurrency companies have criticized as highly stringent and exorbitant.

New York will have to compete with many crypto-friendly cities. Mayor Francis Suarez of Miami, with whom Adams already has a friendly rivalry on Twitter, is also attracting crypto businesses via lower taxes and the cost of living.

Crypto companies believe that, given the industry’s steady growth, there is room for more than one city to establish itself as a crypto hub. New York has succeeded in attracting top tech talent from Silicon Valley, which could give Adams a competitive advantage.

For more information, read the original story in Reuters. 

SUBSCRIBE NOW

Related articles

Business optimism in Canada dips amid perceived economic pressures: Zoho Survey

Despite ongoing economic challenges, over 60% of Canadian businesses remain hopeful for the rest of 2024, according to...

Google’s search secrets are accidentally leaked

Documents that describe Google's search ranking processes were accidentally published online, sparking a frenzy among search engine optimization...

OpenAI head of AI safety defects to rival Anthropic

Jan Leike, formerly the superalignment leader at OpenAI, has joined rival AI company Anthropic. This move comes after...

Canadian schools sue social media giants over alleged harm to children

Five Ontario school boards along with two private schools have joined lawsuits that claim that social media platforms...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways