Today, New York City hosted its first ever crypto summit.<\/p>\n
The event took place at Gracie Mansion, the mayor\u2019s residence, and was attended by prominent figures from the crypto industry, many of whom are based in New York.<\/p>\n
At the event, Mayor Adams made the case that he felt the attendees\u2019 pain, stating that they\u2019ve wrongfully been persecuted, and he claimed that it\u2019s now safe for those in the Bitcoin and crypto industry to both speak up and set up shop in New York.<\/p>\n
\u201cLook how they\u2019ve treated you,\u201d said Mayor Adams.<\/p>\n
\u201cYou were treated as though you were the enemy instead of the believers,\u201d he added.<\/p>\n
\u201cYou\u2019ve been hiding in the shadows, afraid to come out \u2014 come out now.\u201d<\/p>\n
As Mayor Adams continued, he recommitted to making New York the \u201ccrypto capital of the world,\u201d something he first claimed he\u2019d do in 2021<\/a>, though not much has materialized on this front since then.<\/p>\n New York has continued to be a jurisdiction that\u2019s nearly impossible for Bitcoin and crypto start ups to do business in thanks to the BitLicense<\/a>, a license required to operate a digital asset company within the state.<\/p>\n Obtaining a BitLicense often costs upwards of $100,000<\/a> and takes months, if not years, of cutting through red tape and hopping over bureaucratic hurdles to attain.<\/p>\n Most start ups don\u2019t have the time or funds to obtain one.<\/p>\n So, when Mayor Adams and New York City\u2019s Chief Technology Officer, Matthew Fraser, tasked the attendees at today\u2019s event, with coming up with solutions that would help to make New York City a more crypto-friendly jurisdiction, many brought up the need to abolish the BitLicense \u2014 or to at least make New York City immune to its reach.<\/p>\n \u201cTo build a thriving [crypto] economy, we have to get rid of the BitLicense,\u201d said one attendee. \u201cWe at least need to build a regulatory sandbox in New York City.\u201d<\/p>\n Another attendee argued that \u201cNew York City should become a sanctuary city from the BitLicense.\u201d<\/p>\n Attendees made comments like these after sessions of roundtable discussions during which the attendees discussed different issues related to Bitcoin and crypto before having a representative from their table share proposals with the room at large. (Because the attendees agreed to honor the Chatham House Rule, I cannot offer the names of those who spoke on behalf of their groups at the event. However, I can offer the names of the keynote speakers.)<\/p>\n Another attendee who said that New York should become a \u201ccrypto sanctuary city\u201d pointed out that there is precedent for this, as the city allowed the cannabis industry to operate within its borders while the rest of the state did not.<\/p>\n Nick Spanos, who founded the first in-person exchange and the earliest in-person Bitcoin meeting space in New York City, the Bitcoin Center<\/a>, in 2013, also made the case for New York as a crypto sanctuary city.<\/p>\n \u201cWe\u2019re giving sanctuary to immigrants \u2014 we can give sanctuary to crypto companies,\u201d he said in an impassioned tone.<\/p>\n Spanos went on to critique the BitLicense, calling into question its legitimacy.<\/p>\n \u201cWhat kind of license is it when, after 12 years, there are only 30 of them?!\u201d cried Spanos. \u201cThat\u2019s an insider license!\u201d<\/p>\n Galaxy<\/a> CEO Mike Novogratz highlighted that now is the time for New York to pass legislation that will benefit the crypto industry.<\/p>\n \u201cAfter five difficult years, DC has said let\u2019s embrace this technology,\u201d said Novogratz, alluding to the notion that New York should follow the federal government\u2019s lead.<\/p>\n \u201cNew York State has not made crypto easy \u2014 it\u2019s taken a long time for people to get licenses,\u201d he added.<\/p>\n Novogratz also shared that the crypto industry is \u201cready for take off,\u201d though he also put the onus on the industry to prove itself by creating products that provide real value to users.<\/p>\n He concluded by saying that, thus far, he\u2019s only really seen value in Bitcoin and stablecoins.<\/p>\n On the topic of stablecoins, Brock Pierce, co-founder of Tether, called on Albany (New York\u2019s capitol) to pass Assembly Bill 6266<\/a> and Senate Bill 3262<\/a>, both of which would establish requirements for the creation and operation of limited purpose trust companies if enacted into law. Such a law would seemingly play a role in enabling Tether to operate in New York.<\/p>\n A number of attendees also suggested creating crypto products that would help offer financial services to New York City\u2019s approximately 305,000 residents who do not have a bank account (though, none suggested including bitcoin in these services).<\/p>\n Many also stressed the importance of \u201ccrypto and blockchain education\u201d within New York\u2019s public school system.<\/p>\n Even Mayor Adams touched on this in his talk.<\/p>\n \u201cEvery young person in the DOE [Department of Education] should know about blockchain and crypto,\u201d he said.<\/p>\n And one attendee suggested using blockchain to safeguard the city\u2019s public records.<\/p>\n (I piggybacked on this idea by suggesting that the city consider employing Simple Proof<\/a>, a company that utilizes the OpenTimestamps protocol on Bitcoin to safeguard public documents<\/a>, including election results<\/a>, to help safeguard its important documents.)<\/p>\n Mayor Adams said that when he, the \u201cmayor of the greatest city on the globe,\u201d starts talking about Bitcoin and crypto the rest of the world will pay attention.<\/p>\n For this reason, he said he wanted the best and brightest to help guide him as he broaches the topic.<\/p>\n At the conclusion of the event, attendees were asked to share their notes so that Adams\u2019 team could review them and potentially call on certain attendees to help the mayor forge a more favorable regulatory path forward.<\/p>\n It seems his staff was primed to help, as Fraser asked the attendees to \u201chelp the city deregulate the industry.\u201d<\/p>\n Only time will now tell if Mayor Adams and his team will follow through on working with the Bitcoin and crypto industry to make it easier for companies to operate in New York City, or if he\u2019ll lose interest in such an initiative, like he did four years ago.<\/p>\n<\/p><\/div>\nNew York City As A Bitcoin And Crypto Sanctuary City<\/h2>\n
![\"Nick](\"https:\/\/cdn-ilddnad.nitrocdn.com\/XgjmJNBNBbZQEuHAZVzgTqmzytAUTSfp\/assets\/images\/optimized\/rev-3426a8c\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/05\/Nick-Spanos-New-York-City-Crypto-Summit-1-1024x536.webp\" "\\"Attendees")
Now Is The Time To Pass Crypto Legislation In New York State<\/h2>\n
Other Suggestions For Crypto Applications From The Attendees<\/h2>\n
Call To Action<\/h2>\n