NYC Mayor Eric Adams wants long-term value with crypto, not to chase 'memes'

New York Mayor Eric Adams reiterated his goal to make the city the crypto capital of the globe during a Monday press briefing at Gracie Mansion, where the city's first crypto summit is set to take place on May 20. 

"We're focused on the long-term values of these technologies for the city and its people, not chasing memes or trends," Adams said .

Specifically, the New York mayor mentioned the positive impact that crypto and blockchain could have on the city's underbanked population, who have historically faced barriers to traditional means of saving resources.

Matt Fraser, the city's chief technology officer, also said at the briefing that benefits from blockchain technology go beyond the financial system, citing opportunities to democratize access to vital information such as birth and death records.

According to Mayor Adams, the upcoming crypto summit will be a key event for growing the city's crypto and blockchain sector.

First announced last month, New York City's inaugural crypto summit is expected to bring a "cross-pollination" of ideas to move the city's crypto and blockchain industry in the right direction, Adams said.

In his speech, the mayor pledged to work with tech companies and create a friendly environment to help them succeed in the city. "I want to reiterate — if you're in the crypto, blockchain, Web3, or the fintech space, New York City is open for business," Adams said.

The New York mayor has been a long-time supporter of crypto assets, describing himself as crypto-friendly even before his term began. In 2022, Adams received his first three paychecks in bitcoin and ether, following through on a previous pledge. 

Meanwhile, Adams, previously from the Democratic Party, is currently running for reelection in the 2025 mayoral election as an independent candidate.

Last month, five federal charges against Adams, including wire fraud, were dismissed by a U.S. District Judge following a request from the Justice Department under the Trump administration.