Attendees At First New York City Crypto Summit Implore Mayor Adams To End The BitLicense

New York City recently made history by hosting its first-ever crypto summit at Gracie Mansion, the mayor’s residence. The event drew prominent figures from the crypto industry, many of whom are based in New York. Mayor Adams delivered a powerful message at the summit, expressing solidarity with attendees who have faced persecution and urging them to come out of the shadows.

Mayor Adams reiterated his commitment to making New York the “crypto capital of the world,” a goal he first announced in 2021. However, progress has been slow due to regulatory hurdles, particularly the BitLicense requirement for digital asset companies operating in the state. Obtaining a BitLicense can cost upwards of $100,000 and take months or even years to secure, making it a significant barrier for startups.

During the summit, attendees engaged in roundtable discussions to brainstorm solutions for making New York City more crypto-friendly. Suggestions included abolishing the BitLicense or creating a regulatory sandbox to foster innovation. Some attendees proposed designating New York City as a “crypto sanctuary city,” drawing parallels to the city’s approach to the cannabis industry.

Nick Spanos, a pioneer in the New York crypto scene, passionately argued for New York City to embrace crypto companies as it has done for immigrants. He criticized the BitLicense for its limited issuance and suggested that it serves as an “insider license” rather than a legitimate regulatory tool.

Galaxy CEO Mike Novogratz emphasized the importance of passing crypto-friendly legislation in New York State to support industry growth. He commended the federal government’s recent embrace of crypto technology and urged New York to follow suit. Novogratz also stressed the need for the industry to create products that deliver real value to users, citing Bitcoin and stablecoins as examples.

Brock Pierce, co-founder of Tether, called on Albany to pass Assembly Bill 6266 and Senate Bill 3262, which would establish requirements for limited purpose trust companies operating in the state. The summit concluded with a sense of optimism about the future of crypto in New York, with attendees hopeful that regulatory changes will pave the way for innovation and growth in the industry. New York City recently hosted an event where Mayor Adams discussed the potential for cryptocurrency and blockchain technology to play a role in the city’s future. One of the key topics of discussion was the need for a regulatory framework that would enable companies like Tether to operate in New York. Such a law would be crucial in attracting crypto companies to the city and fostering innovation in the space.

In addition to regulatory considerations, attendees at the event also proposed various other ideas for utilizing cryptocurrency and blockchain technology in New York City. One suggestion was to create crypto products that could provide financial services to the city’s large population of unbanked residents. This could help bridge the gap in access to financial services and empower more people to participate in the economy.

Another important point raised at the event was the need for education on blockchain and crypto in the city’s public school system. Mayor Adams himself emphasized the importance of ensuring that every young person in the Department of Education is knowledgeable about these technologies. This could help prepare the next generation for the growing importance of blockchain and cryptocurrency in the global economy.

One attendee even suggested using blockchain to safeguard the city’s public records, highlighting the potential for increased transparency and security in government operations. Leveraging blockchain technology could help prevent fraud and tampering with important documents, such as election results.

At the end of the event, attendees were encouraged to share their notes with Mayor Adams’ team, who expressed interest in collaborating with industry experts to develop a more favorable regulatory environment for cryptocurrency and blockchain companies in the city. This collaborative approach could help streamline processes and make it easier for companies to operate in New York City.

Overall, the event showcased Mayor Adams’ willingness to engage with the cryptocurrency and blockchain community and explore ways to leverage these technologies for the city’s benefit. By working together with industry experts and stakeholders, there is potential to create a more welcoming environment for innovation and growth in the crypto space in New York City.