BREAKING: Eric Adams Champions Bitcoin Bond, Battles New York BitLicense
Are you interested in the future of cryptocurrencies in major global cities? New York City Mayor Eric Adams is making headlines again with bold proposals aimed at cementing NYC’s position as a hub for the digital asset industry. At the recent Bitcoin 2025 conference, Mayor Adams reiterated his commitment to the sector, focusing on two significant goals: introducing a first-of-its-kind Bitcoin bond for the city and pushing for the end of the state’s contentious New York BitLicense.
Eric Adams Pushes for a NYC Bitcoin Bond
Mayor Eric Adams expressed strong support for creating a municipal bond specifically designed for Bitcoin holders. He highlighted the availability of various financial instruments for traditional bonds and argued it’s time for a new type tailored for the crypto community.
Adams stated, “It is time for the first time in the history of this city to have a financial instrument that is made for those who are holders of Bitcoin… I believe we need to have a Bitbond, and I am going to push and fight to get a Bitbond in New York.”
While specific details on how this Bitcoin bond would function are still emerging, a policy brief from the Bitcoin Policy Institute offers a potential model:
- Bondholders could receive an annual interest rate, potentially around 1%, over a 10-year term.
- Upon maturity, holders might receive a percentage of any Bitcoin market gains.
- Funds raised would primarily support government spending (e.g., 90%), with a portion allocated to purchasing Bitcoin (e.g., 10%).
This innovative concept aims to attract investment from the growing number of Bitcoin holders and potentially allow the city to benefit from Bitcoin’s appreciation.
The Fight Against the New York BitLicense
Beyond the bond proposal, Mayor Eric Adams renewed his call for the repeal of New York’s BitLicense program. Introduced in 2015, the BitLicense requires crypto businesses operating in the state to obtain a license from the New York Department of Financial Services (NYDFS) and adhere to strict compliance standards.
The BitLicense has faced significant criticism from the crypto industry for being costly, burdensome, and overly stringent, particularly regarding Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. Critics argue it has stifled innovation and driven businesses away from the state.
Adams echoed these concerns, stating, “Let’s get rid of the Bitcoin license and allow us to have the free flow of Bitcoin in our city.” He positioned himself as a ‘crypto mayor’ and a ‘Bitcoin mayor,’ signaling his desire to create a welcoming environment for crypto businesses in NYC.
Despite the criticism, several prominent crypto firms have successfully obtained the BitLicense, including USDC issuer Circle, Coinbase, and Bakkt.
NYC Crypto Ambitions and Broader Crypto Policy
Mayor Adams’ advocacy for a Bitcoin bond and against the New York BitLicense are part of a broader strategy to make NYC a leader in the digital asset space. He has been actively working to attract crypto firms and talent to the city.
Recent initiatives include:
- Creating a digital advisory council aimed at attracting jobs and investments in the crypto sector.
- Partnering with financial services companies like Figure and private equity firms such as Traction and Scale to assist in the city’s crypto-related efforts.
These steps demonstrate a clear intention to integrate crypto into the city’s financial future and shape favorable crypto policy at the state level.
Conclusion
Mayor Eric Adams is taking concrete steps to influence New York’s crypto landscape. His vision for a NYC Bitcoin bond could offer a unique investment opportunity and signal institutional acceptance of Bitcoin. Simultaneously, his persistent push to repeal the New York BitLicense addresses a major pain point for the industry, potentially making the state more attractive for crypto businesses. These actions highlight a significant effort by NYC’s leadership to embrace the future of finance and technology.
