PANews May 13 news, according to Decrypt, New York City Mayor Eric Adams announced on Monday that the first New York Crypto Summit will be held on May 20, vowing to make New York the 'global cryptocurrency capital.' Adams stated at a press conference that blockchain technology can provide inclusive financial services to communities outside the traditional financial system, and New York is becoming the most important center for crypto innovation outside Silicon Valley. The summit aims to build a platform for dialogue between government and business, bringing together industry leaders to discuss the application of digital assets in economic development and public services. Adams emphasized that New York focuses on the long-term value of blockchain technology rather than short-term speculation and advocates for a regulatory framework that protects investors without stifling innovation. Adams noted that the city will be committed to cryptocurrency in the long term and is not interested in fleeting trends like meme coins. He stated that while the crypto industry believes widespread adoption is inevitable, he stressed the need for balanced regulation that is strong enough to protect investors but not so strict that it hinders innovation and growth. He said, 'Our state should embrace a crypto and blockchain-friendly environment like New York City. Proper regulation can ensure safety, but overregulation could harm the industry — we do not want that to happen.'