New York City mayor-elect Eric Adams strikes crypto-friendly tone, promises a crypto hub

  • Eric Adams pledged to create several crypto jobs in the city while promoting a business-friendly environment.
  •  Adams showed that he would be entering a “friendly competition” with Miami which has been spearheading crypto developments.

New York City is set to witness crypto-friendly regulations following the victory of the incoming mayor Eric Adams. The crypto-friendly mayor said that he wants to turn New York into a hub of digital assets.

Adams won the election for the Mayor position by a staggering 66 percent vote margin. The newly appointed New York City mayor also waged a “friendly competition” with the mayor of Miami, Francis Suarez. Speaking on Miami launching its native crypto MiamiCoin, mayor Eric Adams said:

He has a MiamiCoin that is doing very well—we’re going to look in the direction to carry that out.

He vowed to “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”

Besides, the mayor-elect also seeks to create a talent pool for crypto jobs in New York City. “We can’t have a one-sided city where certain groups and areas are doing well,” he added. In his interview with Bloomberg on Wednesday, the mayor-elect also pledged to make New York City a business-friendly city. Adams noted:

We’re too bureaucratic, too expensive, and too difficult to do business. Our agencies—they go into businesses and are looking for ways to penalize or fine them. We’re changing that atmosphere all together. This is the Empire State, and we’re going to build empires.

I’m going to promise you in one year, you’re going to see a different city. We’re going to bring businesses here. We’re going to become the center of life science, the center of cybersecurity, the center of self-driving cars and drones, the center of bitcoins, the center of all the technology.

Miami mayor makes bold moves in crypto

Earlier this week, Miami mayor Francis Suarez announced that he will be taking his next paycheck 100 percent in Bitcoin. It looks like Bitcoin proponent Suarez is pressing the crypto accelerator very hard. Suarez’s latest decision comes within a month’s time as the Miami mayor announced government employees to get their paychecks in Bitcoin.

Read More: Miami Mayor takes a step further with plans to pay government employees in Bitcoin (BTC)

The latest decision from Suarez comes as Wyoming’s Republican Senator Cynthia Lummis confirmed that Bitcoin is here to stay. The senator said: “I do think that Bitcoin is here to stay, and I do think that a lot of others are not. The fact that Bitcoin is fully decentralized, and that some of these others were issued by a person or an entity that kept a large block of the coin for themselves and then issued others to participate, means they look more like a security than a commodity. Bitcoin is clearly a commodity…Bitcoin is the standard. It is digital gold”.

Lawmakers have been increasing backing the world’s largest cryptocurrency. On Wednesday, November 3, lawmakers Tom Emmer (MN-06) and Darren Soto (FL-09) requested SEC Chairman Gary Gensler for the approval of the spot Bitcoin futures.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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