New York City plans crypto task force: Towards the digital future!

New York City plans crypto task force: Towards the digital future!

On May 20, 2025, New York City Mayor Eric Adams revealed his plans to form a digital advisory board at the first New York City Crypto Summit. The aim of this initiative is to position New York as a global crypto capital to create new jobs and attract investment. Adams emphasized that it's about viewing technology not just as a passing trend or meme, but as an integral part of the city's future development. Details about the panel's members and policy recommendations are expected to be announced in the coming weeks so that solutions can directly benefit citizens.

The city is supported in its crypto endeavors by financial services companies such as Figure as well as private equity firms Traction and Scale. These partnerships are intended to help identify and address the potential benefits and challenges of digitalization. As part of the new offensive, the city also plans to explore the possibility of accepting some services and taxes in cryptocurrencies. There is a particular focus on the use of blockchain technology to manage sensitive information, such as birth and death certificates. Adams sees the introduction of blockchain security features as an opportunity to improve access to this information and ensure its privacy.

Regulation and Legislation

In addition, New York State is currently working on various legal regulations to regulate cryptocurrencies. Rep. Clyde Vanel has introduced a bill that would allow state authorities to accept crypto as payment. Senator James Sanders Jr. has proposed the Blockchain Study Act, which would create a crypto working group. However, both proposals are still pending and have not yet been adopted.

Adams has made digital assets a central part of his policy agenda since taking office in January 2022. Among other things, he plans to accept his first three paychecks in Bitcoin. These measures are part of its broader goal of promoting a diverse, equitable and inclusive technology ecosystem that will provide the city with new jobs in the future. Meanwhile, at least 18 US states are working on their own crypto-related laws, with New Hampshire and Arizona having already successfully created legal frameworks for a strategic Bitcoin reserve fund.

In summary, New York City's ambitions to become the crypto capital will be strengthened through innovative partnerships and progressive legislative initiatives. Adams' vision could not only transform the city's economy in the long term, but also serve as a model for other states.

For more information read the reports from it-boltwise and Cointelegraph.