New York City Establishes Digital Asset Advisory Council to Lead Crypto Innovation

New York City Mayor Eric Adams announced the establishment of the Digital Asset Advisory Council during the inaugural NYC Crypto Summit held at Gracie Mansion on May 20, 2025. The council is tasked with ensuring that the city remains at the forefront of Bitcoin and blockchain technology, fostering innovation, attracting investors, and integrating digital assets into public services.

The summit brought together industry leaders, policymakers, and innovators to discuss the future of fintech in New York. Adams emphasized the city's ambition to become the "crypto capital of the world" by leveraging blockchain to enhance financial accessibility and streamline civic operations. The council will comprise industry experts, with a chairperson to be appointed in the coming weeks.

The Digital Asset Advisory Council aims to enhance New York's infrastructure by providing strategic guidance on integrating fintech and digital assets. Adams highlighted the importance of long-term blockchain applications over short-term trends like memecoins. The council will explore using blockchain to improve access to public records such as birth and death certificates.

Adams extended an invitation to crypto and fintech companies to establish operations in New York, aligning with the city's goals of job creation and economic growth. June Ou, co-founder of Figure, a financial services startup, praised New York's potential as the ideal location for fintech. The recent relocation of Hyla, a $100 million asset management firm, to the city further underscores the growing confidence in New York's fintech ecosystem.

Closed-door roundtables at the summit addressed the challenges and opportunities in the crypto world. These discussions will be compiled into a formal document to guide the council's recommendations, aiming to balance innovation with regulation to sustain the growth of the blockchain industry.

Adams discussed the potential of using cryptocurrencies for city expenses and bill payments, aiming to provide easier access to financial services for the unbanked. Matthew Fraser, New York City’s Chief Technology Officer, highlighted how blockchain can enhance the security and accessibility of public documents.

The mayor's push for crypto continues his previous initiatives. In 2022, Adams became the first U.S. mayor to convert his first three paychecks into cryptocurrencies, a move that garnered both praise and criticism. He noted that Bitcoin's value has surged, recently reaching $105,000. The council's formation follows the White House Digital Asset Summit in March 2025, indicating growing national acceptance of cryptocurrencies.

The blockchain industry's growth in New York poses a challenge to Silicon Valley's dominance. Richard Hecker, CEO of Traction and Scale, has endorsed the city's efforts, describing NYC as "the hub of the physical universe" for digital innovation. The council will prioritize collaboration with businesses and the public to boost the economy and establish New York as a global fintech leader.

Adams' announcement is part of his broader plan to modernize the city's economy. The council's primary role will be to identify practical applications for blockchain technology, ensuring New York remains competitive in the rapidly evolving digital asset landscape. As the crypto industry expands, New York aims to lead in financial innovation.