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- New York Mayor Eric Adams launched a digital assets advisory council to attract crypto jobs and investment.
- Texas lawmakers passed a bill to create a state-run Bitcoin reserve as a hedge against economic volatility.
New York City Mayor Eric Adams launched a new digital assets advisory council during the inaugural NYC Crypto Summit, signaling a renewed push to position the city as a global crypto hub. Speaking to a packed audience of developers, investors, and blockchain advocates, Adams reaffirmed his administration’s goal of creating jobs and attracting fintech investment through digital asset innovation.
“My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe. “We will be creating a digital asset advisory council to bring big fintech jobs and investment right here to the Big Apple,” Adams said.
He confirmed that the council’s chair and policy priorities will be announced in the coming weeks. Though specifics remain limited, the council is expected to shape local blockchain strategy across financial services, government infrastructure, and digital identity systems.
Adams pointed to blockchain’s utility in managing sensitive records like birth and death certificates. By integrating distributed ledger technology, the city aims to improve both privacy and accessibility for residents handling vital documents.
City Services May Soon Accept Crypto Payments
Matthew Fraser, CTO of New York City, highlighted various applications besides finance. He pointed out that the city is interested in accepting crypto payments for government fees and taxes from people not adequately served by conventional banks.
“For many New Yorkers, this isn’t about innovation,” said Fraser. “It’s about survival. Crypto can offer a way to participate in the economy when traditional systems shut you out.”
The mayor also mentioned his decision in 2022 to get his first few paychecks in Bitcoin and Ethereum. He faced criticism then, but he again backed the industry during the summit. “Remember when y’all laughed at me?” he said. “Who’s laughing now?”
After the remarks, individuals broke up into smaller groups to come up with suggestions. The proposals that are chosen will be made official and delivered to the city government within the blockchain roadmap.
The summit is happening at a time of wider political changes. Adams was a member of the Democratic Party before but now plans to seek re-election as an independent. The hearing comes after the Trump Justice Department announced in April that it ended its federal corruption probe. Adams recently expressed agreement with President Trump’s stance on cryptocurrencies, supporting federal encouragement for blockchain technologies.
Texas Advances Strategic Bitcoin Reserve Bill
While the city of New York works with the crypto industry, Texas is leading the way in making Bitcoin legal within the state. Senate Bill 21, the Texas Strategic Bitcoin Reserve and Investment Act, received a majority vote of 105 to 23 in the Texas House of Representatives.
The bill reveals plans for creating a separate fund outside the state treasury, under the Texas comptroller’s control, to separate and hold Bitcoins. The goal of the legislation was to make crypto a reliable strategy for dealing with inflation and changes in the market over time.
According to Giovanni Capriglione, the bill is an important step toward making the state’s finances more secure. A new amendment during the discussion made the crypto market capitalization requirement last 24 months instead of 12, giving it more caution.
