Eric Adams, the mayor, created the Digital Asset Advisory Council.
Council to boost fintech, blockchain in public services.

At the inaugural NYC Crypto Summit on May 20, 2025, at Gracie Mansion, New York City Mayor Eric Adams declared that a Digital Asset Advisory Council will be set up. The council’s job is to make sure that the city remains the best in the world at using Bitcoin and blockchain technology. Adams said the program aims to inspire people to develop new ideas, attract investors, and use digital assets in public services.

Industry executives, politicians, and innovators got together at the conference to talk about the future of fintech in New York. Adams spoke on how the city wants to become the “crypto capital of the world” by using blockchain to make finances more accessible and make civic operations run more smoothly. There will be specialists from the industry on the council, and a chair will be chosen in a couple of weeks.

Using Blockchain to Boost Economic Growth

The Digital Asset Advisory Council will help New York‘s infrastructure by giving strategic advice on how to combine fintech and digital assets. Adams said that long-term uses of blockchain are more important than short-term phenomena like memecoins. The council will look at utilizing blockchain to let citizens access things like birth and death records more easily.

Adams said that New York City is open for business and invited crypto and fintech companies to set up shop there. The program fits with plans to create more jobs and bring in more money. June Ou, who helped start Figure, a financial services startup, complimented New York’s promise and said it was the best place for fintech. Hyla, a $100 million asset management firm, just moved to the city, which shows that the business is becoming more confident.

At the conference, there were closed-door roundtables where people spoke about the problems and opportunities in the crypto world. Facilitators will put these ideas together in a formal document that will help the council make its recommendations. The city wants to find a balance between new ideas and rules so that the blockchain business may keep growing.

Using Crypto to Improve Public Services

Adams discussed the potential of using cryptocurrencies for the payment of city expenses and bills. The goal is to make it easier for those who don’t have bank accounts to get money. Matthew Fraser, New York City’s Chief Technology Officer, spoke about how blockchain may protect public documents and make them easier to find.

The mayor’s drive for crypto is a continuation of what he has done before. Adams was the first U.S. mayor to turn his first three paychecks into cryptocurrencies in 2022. This decision got both acclaim and condemnation. He spoke about this choice at the summit, pointing out that Bitcoin’s value has been going up and just reached $105,000, according to Kraken. The council was formed after the White House Digital Asset Summit in March 2025, which shows that more people in the country are accepting cryptocurrencies.

The blockchain industry in New York is growing, which is a threat to Silicon Valley’s supremacy. Richard Hecker, the CEO of Traction and Scale, is one of the big names in the business who has supported the city’s efforts. He dubbed NYC “the hub of the physical universe” for digital innovation. The council will put working together with businesses and the public first in order to boost the economy and make New York a worldwide fintech powerhouse.

Adams wants to modernize the city’s economy, and this announcement is part of that plan. The council’s major job will be to find practical uses for blockchain technology. This will help New York stay competitive in the fast-changing world of digital assets. New York wants to be the leader in financial innovation as the crypto industry grows. According to CMC, the market value of Bitcoin is more than $2T.

The post NYC Mayor Launches Crypto Council to Elevate Fintech Hub appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ May 22, 2025 2:23 am