New York City Mayor Eric Adams has appointed two crypto industry leaders as advisors, just weeks after the US Department of Justice under President Donald Trump dropped a high-profile corruption case against him.
The move signals Adams’ renewed focus on digital finance and economic innovation as he works to reposition his administration following months of legal scrutiny.
Adams names crypto advisors, announces NYC’s first digital finance summit
Speaking at a press conference at Gracie Mansion on May 12, Adams tapped two new advisors, including June Ou, founder of the blockchain-focused firm Figure, and Richie Hecker, a tech investor and Traction and Scale CEO.
The two will help the city consider how to use cryptocurrency, blockchain, and Web3 technologies for the common good and economic growth.
“We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends,” said Adams, adding that New York City is open for business to those in crypto, blockchain, Web3, or fintech space.
Adams has a history of being bullish on crypto. When elected Mayor in 2022, he promised to accept his first three paychecks in Bitcoin.
At that time, he noted, “Many people laughed at me—and all I can say is, who’s laughing now?” he said, echoing his words from December. He said that the industry is now growing, and since then, the number of crypto and blockchain startups that have made New York City home has spiked.
His 2023 financial disclosure revealed that he owned some Bitcoin, somewhere between $5,000 and $54,999, although he suggested it was worth more later in 2024
The Mayor also revealed that the city’s first-ever crypto summit will be held on May 20, just two months after President Donald Trump held a similar event at the White House. Its goal is to gather innovators, investors, and policymakers to shape the future of digital finance in NYC.
Adams noted that New York is emerging as a serious contender to California’s Silicon Valley in crypto innovation. He also touted blockchain technology’s potential to expand financial inclusion, particularly for communities historically excluded from traditional financial systems.
Adams’ crypto push follows surprise dismissal of federal corruption case
Adams’ crypto announcement came just days after a major legal cloud was lifted. A federal corruption case against him was formally dismissed in April. The charges, which were related to illicit donations he allegedly received from the Turkish government, had been followed for months.
To the surprise of many, however, the US Department of Justice, reportedly at the behest of Trump-appointed officials, dismissed the case. It was dismissed “with prejudice,” which bars it from being reopened.
Court documents revealed serious questions about how the case was handled. US District Judge Dale Ho pointed out that the dismissal “smacks of a bargain” between Adams and federal authorities. He suggested that concessions around immigration policy may have influenced the decision.
Controversy continues against the Mayor, with Adams denying ever committing any crime and no charges against him ever filed.
DOJ under Trump shuts down Adams corruption case
Adams met President Donald Trump at the White House on May 9. He thanked Trump for his assistance in his 2024 campaigns. The meeting occurred just days before Adams announced crypto advisors, creating buzz over the content of his meeting with Trump.
Some critics suspect there may also be a connection between the dismissal of the case and a change of political attitude on the part of the Mayor.
Adams, who was a Democrat, has more recently hewed more closely with Trump on a variety of topics, especially immigration and policing. He even ran for election as an independent, jilting the Democratic Party.
The Mayor has denied any quid pro quo and claims the meeting was a “policy dialogue.” But the timing has fueled speculation. Why announce new crypto advisors just days after meeting Trump and weeks after a corruption case gets thrown out?
When asked if there was any connection between the events, the Mayor’s office did not respond.
