By Mark Hunter
19 hours agoThu May 29 2025 08:44:02
Reading Time: 2 minutes
- New York Mayor Eric Adams has called for the repeal of New York’s BitLicense regulation
- Adams has proposed the introduction of a Bitcoin-backed municipal bond, termed ‘BitBond’
- Adams has urged cryptocurrency businesses to return to New York City, promising a more welcoming regulatory environment
New York City Mayor Eric Adams has advocated for the elimination of the state’s BitLicense, a long-standing regulatory framework for cryptocurrency businesses. Speaking at the Bitcoin 2025 conference in Las Vegas, Adams also introduced the concept of a ‘BitBond’—a municipal bond backed by Bitcoin, encouraging crypto enterprises to return to New York, assuring them of a more supportive and less restrictive regulatory climate.
Adams Calls BitLicense a Barrier to Innovation
At the Bitcoin 2025 conference, Mayor Adams criticized the BitLicense, introduced in 2015 by the New York State Department of Financial Services (NYDFS), labeling it as a hindrance to innovation. Adams stated his desire to “get rid of the [Bit]License and allow us to have the free flow of Bitcoin in our city,” emphasizing that the stringent requirements of the BitLicense have driven cryptocurrency businesses away from New York.
In addition to advocating for regulatory reform, Adams proposed the creation of ‘BitBonds’—municipal bonds backed by Bitcoin–an initiative that aims to raise capital for the city while providing residents with exposure to Bitcoin’s potential growth. According to a policy brief by the Bitcoin Policy Institute, such bonds would allocate 90% of proceeds to government funding and 10% to purchasing Bitcoin, offering investors annual interest and a share in Bitcoin’s appreciation.
Encouragement for Crypto Businesses to Return
Mayor Adams extended an invitation to cryptocurrency businesses to return to New York City, assuring them of a more favorable regulatory environment:
New York is the Empire State. We don’t break empires—we build empires. We’re saying to you: come back home.
Adams reiterated his commitment to making New York a global hub for cryptocurrency innovation, announcing the formation of a digital assets advisory council. This council is intended to attract fintech jobs and investment to New York City, aligning with Adams’ vision of establishing the city as a leader in the crypto industry.
Adams first called for the BitLicense to be scrapped in 2022, and in the Trump administration, he finally has a political ally who can help him achieve this.
