New York City has long been a tough nut for crypto businesses to crack. That expensive, complicated BitLicense has kept many firms at arm’s length – some even fled the state because of it. But now, Mayor Eric Adams is shaking things up in a big way.
At Bitcoin 2025, he called for the full repeal of the BitLicense and invited crypto companies to “come back home.”
What’s behind this sudden surge of confidence from a city that many thought had written off crypto? And what exactly is this new Bitcoin Bond he mentioned? Let’s break down what Adams’ vision is.
Why BitLicense Has Been a Major Roadblock
Since 2015, the BitLicense has been the golden ticket for crypto firms wanting to operate in New York. But “golden” is a stretch. The cost to get started easily tops $100,000, and the hoops to jump through are anything but easy. Only 34 companies have secured this license, including heavy hitters like Coinbase and Robinhood Crypto.
For many, though, the price and red tape were too much. Some businesses, like BitQuick, left the state altogether, blaming “fee and compliance costs” for making New York more trouble than it’s worth.
Adams: The “Bitcoin Mayor”
Mayor Adams has been called the “Bitcoin mayor” for a reason – in 2022, he converted his first mayoral paycheck into Bitcoin and Ethereum. Now, he’s pushing harder, saying,
“New York is the Empire State. We don’t break empires. We build empires.”
He wants to scrap the BitLicense and open the doors wide for the “free flow of Bitcoin in our city.” That’s a clear challenge to the status quo.
What’s This New York City Bitcoin Bond?
Alongside the BitLicense repeal, Adams hinted at a fresh idea: a New York City Bitcoin Bond. The details are vague, but it could mean a municipal bond backed by Bitcoin – potentially giving everyday New Yorkers tax-exempt access to Bitcoin gains.
It’s a smart move if it pans out, blending traditional finance with the crypto world in a way New York hasn’t seen before.
Could This Be NYC’s Crypto Comeback Moment?
If Adams pulls this off, New York could stop being a no-go zone for crypto startups. It might even spark a new wave of deregulation in other states hungry to attract digital asset firms.
But the big question remains: Will the state government actually repeal the BitLicense? Or will this remain a dream, leaving crypto companies excluded?
