According to PANews, during New York City's inaugural crypto summit on May 20, attendees urged Mayor Eric Adams to abolish the BitLicense system, criticized as a 'crypto business ban.' Mayor Adams acknowledged the unfair treatment of crypto entrepreneurs and reiterated his commitment to making New York a 'global crypto capital.' Participants proposed the creation of a regulatory sandbox and suggested transforming New York into a 'crypto safe haven.' Galaxy CEO Mike Novogratz also called on the state legislature to advance supportive legislation to foster industry growth.