Key Takeaways
- The New York BitLicense can cost firms over $100,000 to obtain.
- Only 34 firms have been granted a BitLicense since it was introduced in 2015.
- Adams converted his first paycheque as NYC mayor into BTC and ETH in 2022.
New York City Mayor Eric Adams has doubled down on his pro-cryptocurrency position and stated that he wants to bring crypto “back home” to the city.
The self-described “Bitcoin mayor” also wishes to see the controversial BitLicense repealed in favor of a less restrictive piece of regulation.
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The Crypto Mayor
Speaking at Bitcoin 2025, New York City Mayor Eric Adams pledged renewed support for the crypto industry, calling for the repeal of the state’s controversial BitLicense regime and proposing the creation of a New York City BTC Bond.
“New York is the Empire State. We don’t break empires. We build empires,” Adams said. “We’re saying to you, come back home.”
Branding himself the “Bitcoin mayor,” Adams signaled that the city is open to crypto businesses operating without being “attacked or criminalized.”
He reiterated his call to scrap the BitLicense and enable “the free flow of Bitcoin in our city.”
Adams also reminded the audience that in 2022, he converted his first mayoral paychecks into Bitcoin and Ethereum (ETH), doubling down on his pro-crypto stance.
While details of the proposed Bitcoin Bond remain unclear, it would likely take the form of a municipal instrument backed by BTC, potentially offering New Yorkers tax-exempt exposure to Bitcoin gains.
BitLicense Repeal
The coveted BitLicense has been the State’s biggest point of contention.
Since being introduced in 2015, the BitLicense has only been granted to a few dozen firms such as Circle, Coinbase, and Robinhood Crypto.
It’s a notoriously difficult license to obtain that imposes some strict regulatory requirements on applicants looking to set up shop in New York.
The introduction of the BitLicense also caused firms to flee the state. Firms such as BitQuick cited the “fee and compliance costs” to be “just the start” of the troubles the regulation has caused.
It costs $5,000 to get the application rolling, and then extensive documentation and compliance requirements can see these costs rocket to well over $100,000.
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