Eric Adams Advocates Bitcoin Bond, End to BitLicense

Eric Adams, known as the “crypto mayor,” announced his support for a Bitcoin-backed bond. His remarks aim to position New York City as a leader in the cryptocurrency space.

“I believe we need to have a Bit Bond and I am going to push and fight to get a Bit Bond in New York.”

The proposed BitBond aims to capitalize on Bitcoin’s economic potential, while eliminating the BitLicense seeks to reduce regulatory barriers that have impeded business growth.

The announcement elicited varied reactions, with some viewing the bond as a financial innovation and others cautioning about Bitcoin’s volatility.

Financial outcomes include potential city revenue increases and new tax benefits. However, the success hinges on Bitcoin’s stability and the city’s ability to implement responsible measures continually.

New York City’s stance on cryptocurrency has shifted since the BitLicense’s inception, which was initially seen as restrictive. Adams’ proposal could mark a substantial regulatory change. Eric Adams emphasized,

“Let’s get rid of the [Bit]License and allow us to have the free flow of bitcoin in our city.”

Experts from Kanalcoin suggest that similar strategies elsewhere had mixed results. The city’s approach could set a precedent in the U.S. for other municipalities looking to adopt crypto-friendly policies.