At the first New York City Crypto Summit held on May 20, Mayor Eric Adams delivered forceful remarks highlighting the city’s ambition to lead in the blockchain and digital asset sectors. Addressing an audience of fintech entrepreneurs and crypto advocates, Adams drew on his personal tech background and political experience to emphasize the city’s readiness to embrace what he called “the age of tokenization.”

Adams described: “From skyscrapers to subways, our wildest dreams have become the world’s everyday reality, and we’re going to embrace technologies today and use them for the future of our tomorrows.” The mayor reaffirmed his long-standing position that digital assets are key to economic transformation, especially in underserved communities. He noted that he was the first mayor in the country to take his first three paychecks in bitcoin, recalling being mocked by reporters and critics at the time. The mayor continued:

My goal remains the same as it was day one as mayor, making New York City the crypto capital of the globe.

In a major policy announcement, he revealed the formation of a digital asset advisory council that will draw on experienced industry figures to inform the city’s fintech strategy: “This is our announcement that we will be creating a digital asset advisory council to bring fintech jobs and investment right here to the Big Apple, and we’re going to ask the rank and file to come from among you to help us say to government, ‘Get out of the way, allow it to grow and prosper by going to those who have been in this field for many years.’”

Looking ahead, Adams said the administration is considering enabling certain municipal services and taxes to be paid in cryptocurrency. He further shared:

We are exploring whether certain city services and city taxes can be paid via cryptocurrency. We are committed to making crypto and blockchain part of the New York City landscape.

“That is why we have brought the best and the brightest together for this summit to help us chart the path forward and hear from you directly,” he stressed. He also remarked on the economic potential of tokenization and reaffirmed his administration’s commitment: “The age of tokenization, which includes crypto and blockchain and other fintech innovations, that age is here, and we’re going to continue to move forward with it.”

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