New York City Mayor Eric Adams announced the formation of a digital advisory council during the inaugural New York City Crypto Summit on May 20. His goal is to establish NYC as the ‘crypto capital of the globe’ by attracting jobs and investments. He emphasized the importance of using emerging technologies like crypto and blockchain to improve services for New Yorkers, stating that the age of tokenization is upon us. Further details about the advisory group, including a council chair and key policy recommendations, are expected in the coming weeks. Adams also mentioned potential exploration into allowing certain city services and taxes to be paid with crypto and highlighted the use of blockchain technology for securely managing sensitive records such as birth and death certificates. Adams has pushed for digital assets as part of his platform since taking office in 2022. Meanwhile, New York lawmakers are actively considering various bills aimed at regulating cryptocurrency, with notable proposals like the Blockchain Study Act and legislation to permit crypto payments for state financial transactions still in progress.

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