NYC Mayor Eric Adams Urges End of BitLicense, Proposes Bitcoin-Backed Bonds

New York City Mayor Eric Adams called for the elimination of the controversial BitLicense during his speech at Bitcoin 2025 in Las Vegas, encouraging crypto businesses to return to the city. Speaking to a packed audience, Adams declared, “New York is the Empire State. We don’t break empires. We build empires. Come back home.” Known for his pro-crypto stance, Adams reiterated his vision of transforming NYC into a global crypto hub.

Adams criticized the BitLicense, a strict regulatory framework introduced by the New York Department of Financial Services (NYDFS), labeling it a barrier to innovation. While he previously acknowledged the importance of investor protection, Adams argued that overregulation drives businesses away and stifles progress.

In addition to his regulatory remarks, Adams introduced the idea of a "BitBond" — a bitcoin-backed municipal bond aimed at providing residents exposure to crypto while raising capital for the city. Though specifics were not disclosed, the Bitcoin Policy Institute outlined a similar concept earlier this year. Their proposed BitBond model allocates 90% of proceeds to government funding and 10% to bitcoin purchases. Investors would earn 1% annual interest over a decade and gain partial exposure to bitcoin's upside, with excess returns contributing to a public bitcoin reserve.

Adams, originally elected as a Democrat, is now running for re-election as an independent. His latest crypto-forward initiatives, including pushing for BitLicense reform and exploring blockchain-based municipal bonds, signal his continued commitment to integrating digital assets into New York’s economic future. As the regulatory debate intensifies nationwide, Adams’ stance could reshape how local governments engage with cryptocurrency innovation.