Close Menu
  • Coins
    • Bitcoin
    • Ethereum
    • Altcoins
    • NFT
  • Blockchain
  • DeFi
  • Metaverse
  • Regulation
  • Other
    • Exchanges
    • ICO
    • GameFi
    • Mining
    • Legal
  • MarketCap
What's Hot

Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3

20/07/2025

What Next for SOL Price?

20/07/2025

Donald Trump Signs Historic Cryptocurrency Bill

20/07/2025
Facebook X (Twitter) Instagram
  • Back to NBTC homepage
  • Privacy Policy
  • Contact
X (Twitter) Telegram Facebook LinkedIn RSS
NBTC News
  • Coins
    1. Bitcoin
    2. Ethereum
    3. Altcoins
    4. NFT
    5. View All

    Investors Bet Millions on Bitcoin Price Following Record High

    20/07/2025

    He Gives a Price and Date for the Peak

    20/07/2025

    Bitcoin Backs Off Quickly From Record High as Interest Rate Surge Hits Risk Assets

    20/07/2025

    Texas Passes Bitcoin Reserve Bill – Pending Governor Abbott’s Signature

    20/07/2025

    Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3

    20/07/2025

    Ethereum ETFs register quickest $1B intake to surpass $7B in total inflows

    20/07/2025

    Ethereum’s Rally Isn’t What It Seems — Here’s What’s Really Driving It

    20/07/2025

    Tom Lee Predicts $30,000 Per Ethereum As Treasury Frenzy Begins

    20/07/2025

    What Next for SOL Price?

    20/07/2025

    IOTA Rolls Out Liquid Link Rewards and AI Video Bounty With $1,500 Prize Pool

    20/07/2025

    Solana Underperforms Ethereum as SOL ETF Commences Trading

    20/07/2025

    Data shows that almost 60% of transactions on XRPL are payments.

    20/07/2025

    NFT sales jump 29% to $159.6m, Pudgy Penguins surges 247%

    20/07/2025

    CryptoPunks Dominate Top Weekly NFT Sales amid Overall Market Sales Volume Surges 34.19% to $133.66 Million

    14/07/2025

    Volume Plunges While Transactions Soar

    11/07/2025

    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

    10/07/2025

    Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3

    20/07/2025

    What Next for SOL Price?

    20/07/2025

    Donald Trump Signs Historic Cryptocurrency Bill

    20/07/2025

    Solayer unveils new travel booking site on Solana for crypto card holders

    20/07/2025
  • Blockchain

    Neurolov and Deepbook AI Build DeFi Browser Backed by Distributed GPUs

    20/07/2025

    ArtGIS Finance and Burnr Chat to Power Private, Secure Cross-Chain Transactions

    20/07/2025

    SoonChain and BluwhaleAI Join Forces to Enhance Personalized AI Agents Across Web3

    20/07/2025

    DAC Platform and DeepBook AI Collaborate to Gamify Web3 Browsing Experience

    20/07/2025

    TADA Denver Unleashes Revolutionary Zero-Commission Blockchain Ride-Hailing

    19/07/2025
  • DeFi

    DeFi sector has just reclaimed 2022 highs, with Ethereum asserting its dominance

    20/07/2025

    Centralized Aave on Kraken Ink Sparks Crucial Debate

    20/07/2025

    Base Surpasses $1.2B TVL on Aave, Solidifying its Reputation in DeFi Landscape

    20/07/2025

    Bitcoin DeFi Has Ballooned 20x Since Start of 2024 as Builders Bet on Yield

    19/07/2025

    Securitize Takes Tokenized Hamilton Lane Credit Fund Multichain, Bringing It Closer to DeFi

    19/07/2025
  • Metaverse

    Elon Musk’s xAI Quietly Fixed Grok by Deleting a Line of Code

    09/07/2025

    Bonk.fun Grabs 55% of Solana Token Issuance Share, Pushes BONK Demand

    08/07/2025

    Apple’s Top AI Exec Leaves For Meta Amid Aggressive Hiring Trend

    08/07/2025

    Automobili Lamborghini Unveils Digital Temerario and GT3 NFTs in Wilder World

    07/07/2025

    Microsoft’s AI Diagnoses Like House, Bills Like Costco

    02/07/2025
  • Regulation

    Investor Sentiment Favors Ethereum Over Bitcoin as Crypto Inflows Reach $1.04 Billion

    20/07/2025

    Russia’s biggest state-backed bank sees no use for CBDC, so why push ahead anyway?

    20/07/2025

    Investor claims 7-minute MicroStrategy STRF delay — forgets market closes

    20/07/2025

    Murano Announces Enhancements to its Core Strategy with Bitcoin (BTC) Treasury Initiative Following Execution of Up to $500 Million Standby Equity Purchase Agreement (SEPA)

    20/07/2025

    What to Expect for the Fed Minutes? Will the Fed Cut Rates This Month?

    20/07/2025
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Solayer unveils new travel booking site on Solana for crypto card holders

    20/07/2025

    Backpack launches FTX debt marketplace for claim holders

    20/07/2025

    Alchemy Pay Invests in HTF to Build Compliant Crypto-Finance Bridge in Hong Kong

    20/07/2025

    Coinpedia’s Fact Check Uncovers WazirX’s Alleged 55M XRP Transfers

    20/07/2025

    ICO for bitcoin yield farming chain Corn screams we’re so back

    22/01/2025

    Why 2025 Will See the Comeback of the ICO

    26/12/2024

    Shadow War Joins Nexus Night to Redefine DeFi

    19/07/2025

    CARV Joins Anomaly Games to Redefine AI-Led Gaming Interoperability

    18/07/2025

    GaFin Joins Efforts with Helium Wars to Redefine the Future of Web3 Gaming

    16/07/2025

    Crypto games are struggling in 2025, but big brands aren’t giving up

    15/07/2025

    Russian government readies tougher rules for miners

    20/07/2025

    World War III threatens Bitcoin mining infrastructure

    20/07/2025

    Bitcoin minimum transaction fee drops by 90%

    20/07/2025

    Bitcoin Minimum Fee Rate Slashed by 90%—Is That a Good Thing?

    19/07/2025

    Donald Trump Signs Historic Cryptocurrency Bill

    20/07/2025

    Advisor to the US Treasury Secretary Joe Lavorgna Makes Important Statements About the Future of Cryptocurrencies

    20/07/2025

    Russia considers allowing cryptocurrency payments on two islands

    20/07/2025

    Tornado Cash’s Roman Storm wins partial privacy defense in money laundering trial

    20/07/2025

    Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3

    20/07/2025

    What Next for SOL Price?

    20/07/2025

    Donald Trump Signs Historic Cryptocurrency Bill

    20/07/2025

    Solayer unveils new travel booking site on Solana for crypto card holders

    20/07/2025
  • MarketCap
NBTC News
Home»Legal»Attendees At First New York City Crypto Summit Implore Mayor Adams To End The BitLicense
Legal

Attendees At First New York City Crypto Summit Implore Mayor Adams To End The BitLicense

NBTCBy NBTC21/05/2025No Comments6 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


Today, New York City hosted its first ever crypto summit.

The event took place at Gracie Mansion, the mayor’s residence, and was attended by prominent figures from the crypto industry, many of whom are based in New York.

At the event, Mayor Adams made the case that he felt the attendees’ pain, stating that they’ve wrongfully been persecuted, and he claimed that it’s now safe for those in the Bitcoin and crypto industry to both speak up and set up shop in New York.

“Look how they’ve treated you,” said Mayor Adams.

“You were treated as though you were the enemy instead of the believers,” he added.

“You’ve been hiding in the shadows, afraid to come out — come out now.”

As Mayor Adams continued, he recommitted to making New York the “crypto capital of the world,” something he first claimed he’d do in 2021, though not much has materialized on this front since then.

New York has continued to be a jurisdiction that’s nearly impossible for Bitcoin and crypto start ups to do business in thanks to the BitLicense, a license required to operate a digital asset company within the state.

Obtaining a BitLicense often costs upwards of $100,000 and takes months, if not years, of cutting through red tape and hopping over bureaucratic hurdles to attain.

Most start ups don’t have the time or funds to obtain one.

So, when Mayor Adams and New York City’s Chief Technology Officer, Matthew Fraser, tasked the attendees at today’s event, with coming up with solutions that would help to make New York City a more crypto-friendly jurisdiction, many brought up the need to abolish the BitLicense — or to at least make New York City immune to its reach.

New York City As A Bitcoin And Crypto Sanctuary City

“To build a thriving [crypto] economy, we have to get rid of the BitLicense,” said one attendee. “We at least need to build a regulatory sandbox in New York City.”

Another attendee argued that “New York City should become a sanctuary city from the BitLicense.”

Attendees made comments like these after sessions of roundtable discussions during which the attendees discussed different issues related to Bitcoin and crypto before having a representative from their table share proposals with the room at large. (Because the attendees agreed to honor the Chatham House Rule, I cannot offer the names of those who spoke on behalf of their groups at the event. However, I can offer the names of the keynote speakers.)

Another attendee who said that New York should become a “crypto sanctuary city” pointed out that there is precedent for this, as the city allowed the cannabis industry to operate within its borders while the rest of the state did not.

Nick Spanos, who founded the first in-person exchange and the earliest in-person Bitcoin meeting space in New York City, the Bitcoin Center, in 2013, also made the case for New York as a crypto sanctuary city.

“We’re giving sanctuary to immigrants — we can give sanctuary to crypto companies,” he said in an impassioned tone.

Nick Spanos claims that NYC should be a crypto sanctuary city. | Photo credit: Frank Corva

Spanos went on to critique the BitLicense, calling into question its legitimacy.

“What kind of license is it when, after 12 years, there are only 30 of them?!” cried Spanos. “That’s an insider license!”

Now Is The Time To Pass Crypto Legislation In New York State

Galaxy CEO Mike Novogratz highlighted that now is the time for New York to pass legislation that will benefit the crypto industry.

“After five difficult years, DC has said let’s embrace this technology,” said Novogratz, alluding to the notion that New York should follow the federal government’s lead.

“New York State has not made crypto easy — it’s taken a long time for people to get licenses,” he added.

Novogratz also shared that the crypto industry is “ready for take off,” though he also put the onus on the industry to prove itself by creating products that provide real value to users.

He concluded by saying that, thus far, he’s only really seen value in Bitcoin and stablecoins.

On the topic of stablecoins, Brock Pierce, co-founder of Tether, called on Albany (New York’s capitol) to pass Assembly Bill 6266 and Senate Bill 3262, both of which would establish requirements for the creation and operation of limited purpose trust companies if enacted into law. Such law would seemingly play a role in enabling Tether to operate in New York.

Other Suggestions For Crypto Applications From The Attendees

A number of attendees also suggested creating crypto products that would help offer financial services to New York City’s approximately 305,000 residents who do not have a bank account (though, none suggested including bitcoin in these services).

Many also stressed the importance of “crypto and blockchain education” within New York’s public school system.

Even Mayor Adams touched on this in his talk.

“Every young person in the DOE [Department of Education] should know about blockchain and crypto,” he said.

And one attendee suggested using blockchain to safeguard the city’s public records.

(I piggybacked on this idea by suggesting that the city consider employing Simple Proof, a company that utilizes the OpenTimestamps protocol on Bitcoin to safeguard public documents, including election results, to help safeguard its important documents.)

Call To Action

Mayor Adams said that when he, the “mayor of the greatest city on the globe,” starts talking about Bitcoin and crypto the rest of the world will pay attention.

For this reason, he said he wanted the best and brightest to help guide him as he broaches the topic.

At the conclusion of the event, attendees were asked to share their notes so that Adams’ team could review them and potentially call on certain attendees to help the mayor forge a more favorable regulatory path forward.

It seems staff was primed to help, as Fraser asked the attendees to “help the city deregulate the industry.”

Only time will now tell if Mayor Adams and his team will follow through on working with the Bitcoin and crypto industry to make it easier for crypto companies to operate in New York City, or if he’ll lose interest in such an initiative like he did four years ago.

This post Attendees At First New York City Crypto Summit Implore Mayor Adams To End The BitLicense first appeared on Bitcoin Magazine and is written by Frank Corva.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
NBTC

Related Posts

Donald Trump Signs Historic Cryptocurrency Bill

20/07/2025

Advisor to the US Treasury Secretary Joe Lavorgna Makes Important Statements About the Future of Cryptocurrencies

20/07/2025

Russia considers allowing cryptocurrency payments on two islands

20/07/2025

Tornado Cash’s Roman Storm wins partial privacy defense in money laundering trial

20/07/2025
Add A Comment

Comments are closed.

Top Posts
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook X (Twitter) LinkedIn RSS
Top Insights

Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3

20/07/2025

What Next for SOL Price?

20/07/2025

Donald Trump Signs Historic Cryptocurrency Bill

20/07/2025
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Type above and press Enter to search. Press Esc to cancel.