New York City Mayor Eric Adams urged for a Bitcoin-backed bond and the elimination of the BitLicense at the Bitcoin 2025 conference in Las Vegas on May 28, 2025.
This initiative could reshape the cityโs financial landscape by attracting businesses and integrating cryptocurrency into municipal operations, despite potential regulatory challenges.
Eric Adams Proposes Bitcoin-Backed Bond for NYC
Eric Adams, known as the โcrypto mayor,โ announced his support for a Bitcoin-backed bond. His remarks aim to position New York City as a leader in the cryptocurrency space.
โI believe we need to have a Bit Bond and I am going to push and fight to get a Bit Bond in New York.โ
The proposed BitBond aims to capitalize on Bitcoinโs economic potential, while eliminating the BitLicense seeks to reduce regulatory barriers that have impeded business growth.
Mixed Reactions to NYC Bitcoin Bond Proposal
The announcement elicited varied reactions, with some viewing the bond as a financial innovation and others cautioning about Bitcoinโs volatility.
Financial outcomes include potential city revenue increases and new tax benefits. However, the success hinges on Bitcoinโs stability and the cityโs ability to implement responsible measures continually.
Adams Aims to Transform New Yorkโs Crypto Regulations
New York Cityโs stance on cryptocurrency has shifted since the BitLicenseโs inception, which was initially seen as restrictive. Adamsโ proposal could mark a substantial regulatory change. Eric Adams emphasized,
โLetโs get rid of the [Bit]License and allow us to have the free flow of bitcoin in our city.โ
Experts from Kanalcoin suggest that similar strategies elsewhere had mixed results. The cityโs approach could set a precedent in the U.S. for other municipalities looking to adopt crypto-friendly policies.
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