New York Mayor Adams Launches Crypto Council to Fast-Track Bitcoin Hub
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On May 20, New York (NY) Mayor Eric Adams announced the formation of a digital assets advisory council to position the city as a global hub for cryptocurrency and blockchain innovation.
The initiative was unveiled at the first NY Crypto Summit, as the city seeks to attract fintech jobs and investment and achieve its goal of becoming the crypto capital of the globe.
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How Is New York Shaping Its Crypto Policy Future?
While specific details about the advisory council’s chair and members are expected to be released in the coming days, the group will consist of industry experts who will provide policy recommendations in the weeks ahead.
The council will also consider allowing certain services and taxes to be paid via cryptocurrency, which will be further evaluated.
In addition to the advisory council, the city is exploring the use of blockchain technology to manage sensitive records like birth and death certificates. This is to enhance both privacy and accessibility.
This move aligns with Adams’ broader vision of embracing digital assets, highlighted by his decision to accept his first three mayoral paychecks in Bitcoin.
The NYC mayor’s initiative runs parallel with state-level efforts to regulate and integrate cryptocurrency.
This includes the proposed Assembly Bill A7788 legislation to allow state agencies to accept crypto payments and the introduction of the Blockchain Study Act to investigate the current state of crypto in New York.
Mayor Adams aims to foster a diverse and inclusive tech ecosystem in New York by establishing the advisory council and exploring blockchain applications.
U.S. Senate Advances Landmark Bill to Regulate Stablecoins
The crypto industry has seen both founders and federal regulators push for the establishment of a clear framework for stablecoins, and that may happen soon through the GENIUS Act.
The U.S Senate voted on May 19 to proceed with the bill, even though it failed a similar vote on May 8. The bill outlines how stablecoins can be issued and regulated in the U.S. It has now gained sufficient bipartisan support.
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As resistance remains, with Senator Elizabeth Warren raising concerns about President Trump’s ties to World Liberty Financial, many expect the bill to be passed.
If approved, the bill would mark one of the strongest federal moves yet to bring clarity to the fast-growing stablecoin market.
The proposed law focuses on setting national standards for stablecoin issuers, including reserve requirements and oversight mechanisms.
Lawmakers say the framework is necessary to protect consumers and prevent financial instability. The bill’s progress signals increasing urgency among U.S. officials to regulate digital assets amid rising adoption and ongoing market volatility.
Meanwhile, the UK is actively drafting crypto rules to regulate exchanges, dealers, and agents under its financial system, aiming to align with the U.S. approach.
Firms must meet clear standards on transparency, consumer protection, and operational resilience. The draft legislation targets bad actors while aligning crypto oversight with traditional finance regulations to safeguard UK consumers.
