New York City Establishes Digital Advisory Council to Boost Crypto and Blockchain

New York City Mayor Eric Adams has announced the creation of a digital advisory council, with the goal of attracting jobs and investment to the city and establishing it as a global leader in the crypto and blockchain sectors. The council, which will be chaired by an individual yet to be announced, is part of Adams' broader vision to leverage the technology of tomorrow to better serve New Yorkers today.

During the inaugural New York City Crypto Summit on May 20, Adams emphasized that the city's focus is not on chasing trends or memes, but on using innovative technology to improve the lives of its residents. He highlighted the potential of blockchain technology to enhance the security and accessibility of vital records, such as birth certificates and death records, and hinted at the possibility of using cryptocurrency for the payment of city services and taxes.

Adams also announced that financial services company Figure and private equity firms Traction and Scale would be assisting the city in its crypto efforts. The mayor's commitment to crypto and blockchain technology is evident in his frequent references to the potential of these technologies to transform New York City's infrastructure and economy.

New York State lawmakers have also introduced several bills to regulate crypto, including a bill to amend the state’s financial law to allow New York State agencies to accept crypto as payment, and the Blockchain Study Act, which would create a crypto task force to investigate the current state of crypto in the State. However, these legislations are yet to reach the state’s full House or Senate.

Adams has made digital assets a large part of his policy platform since assuming office in January 2022, when he announced plans to accept his first three paychecks in Bitcoin. The mayor's commitment to crypto and blockchain technology is evident in his frequent references to the potential of these technologies to transform New York City's infrastructure and economy.

The digital assets advisory council is expected to provide key policy recommendations in the coming weeks, further solidifying New York City's position as a hub for fintech and blockchain innovation. The council will work with experts in the field to navigate solutions that serve the city and its residents, and to continue moving forward with the age of tokenization, which includes crypto, blockchain, and other fintech innovations.