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- New York pushes Bitcoin-backed bonds and scraps BitLicense rules, banking on crypto revival fast.
- Mayor says blockchain will run birth records, taxes, and bring crypto firms back to the city.
The city of New York reveals the plans to issue the world’s first Bitcoin-backed city government bonds named “BitBond.” The city announced the plan at the Bitcoin 2025 conference in Las Vegas, where its mayor, Eric Adams, explained how he planned to re-establish the city as the financial innovation leader using cryptocurrency.
The bonds will not be secured by conventional government money but by Bitcoin itself. While some of the details are still unresolved, such as the form in which the yields will be paid, the development represents a significant new way in which local authorities can borrow money. Adams referred to Bitcoin as “the next evolution of money,” putting it in line with other monetary milestones in the past.
The same event saw the confirmation of the phasing out of New York’s contentious BitLicense. Established to regulate activity in the crypto market in New York, the license has for a long time been accused of deterring innovation and pushing blockchain companies to other regions. Its cancellation has been demanded by critics such as New York State Comptroller Thomas DiNapoli, who says strict compliance requirements are hindering growth.
Mayor Presses Forward with Blockchain Plans
Adams spoke of his goal of bringing blockchains not only to finance but to civic systems as well. He suggested applying the technology to issue birth certificates and to process fines and taxes.
“We are going to use Bitcoin to pay off fines and taxes. We are going to allow our young people to understand what it is to be part of this industry, but we need you on the ground,” he stated.
It was part of a larger strategy revealed at New York’s inaugural city-sponsored crypto conference, where the city’s key players came together to measure the role of crypto in urban development. There, Adams urged talent and money to flow back to the city, making New York a potential center of such high-tech and blockchain-based development.
Come back home, you have a mayor that is the crypto mayor, is the Bitcoin mayor, and I want you back in the city of New York. Where you won’t be attacked and criminalized. Let’s get rid of the Bitcoin license and allow us to free flow of Bitcoin in our city,
Transatlantic Exchange Signals Deeper Coordination
At the international level, the New York Department of Financial Services (NYDFS) has joined forces with the Bank of England under the new Transatlantic Regulatory Exchange (TRE) program. Under the six-month program, the top authorities from the two sides will synchronize digital asset regulation policies and exchange regulatory experiences.
This action highlights the way New York reforms fall within an expanding international discourse of regulating cryptocurrencies. TRE is to respond with a unified approach to the issues presented by new payment technologies, bringing direct collaboration from senior financial regulators.
The city of New York is the first to issue Bitcoin-backed public bonds while at the same time relaxing compliance hurdles. By pursuing a double track of reforming regulation and embracing crypto-based tools, New York is trying to revive the way digital assets are perceived in government and financial circles alike.
