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.