At the 2025 Bitcoin Conference in Las Vegas, New York Mayor Eric Adams called for the abolition of BitLicense, a controversial regulation since 2015, and invited crypto businesses to return to the city (May 29, 2025). Comparing the Bitcoin movement to the symbol of Betsy Ross sewing the American flag, Adams committed to making New York the crypto hub in the U.S. (USA).
Speech by Eric Adams
In his speech at the Bitcoin Conference, Adams emphasized: “#Newyork is the Empire State. We do not tear down empires—we build them. Come home!” He called for the repeal of BitLicense, describing it as a barrier that leads to crypto businesses being “attacked and criminalized.” Adams proposed a Bitcoin Bond and wants to integrate blockchain into public services like issuing birth certificates, paying fines, and tax filing. He urged the crypto community to engage in local politics to protect innovation, warning: “If you don’t act, officials will destroy your industry.”
Adams, self-styled as the “Bitcoin Mayor,” once converted his first paycheck as mayor into Bitcoin and Ethereum (2022), demonstrating his belief in crypto. Last week, he hosted the New York Crypto Summit, announcing a digital asset advisory board to attract jobs and investments. Comparing Bitcoin to Betsy Ross sewing the American flag, Adams emphasized: “Bitcoin is a movement of ordinary people, like you and me, creating a lasting symbol.”
Context of BitLicense
BitLicense, issued by the New York Department of Financial Services (NYDFS) in 2015, requires crypto businesses in the state to obtain a license, with costs ranging from $5,000 to over $100,000. The regulation aims to protect consumers from fraud but has been criticized for stifling innovation. Companies like Circle ($USDC ), Coinbase, Bakkt, Ripple, Robinhood, and SoFi have received BitLicense, but many small businesses have left New York due to high costs. Individual users and merchants using crypto to purchase goods/services are exempt from BitLicense.
According to Chainalysis (2024), New York has 1.5 million crypto users, trading $800 million quarterly, but BitLicense reduces competitiveness compared to states like Texas. Repealing BitLicense could attract businesses back, boosting economic growth.
Impact on the crypto market
Adams' call has heated up the market, with Bitcoin rising 3% after the conference, stabilizing at $108,904 (CoinMarketCap). TradingShot forecasts BTC reaching $150,000 by Q4/2025, thanks to supportive crypto policies in the U.S. USDC, issued by Circle, remains stable at $1, with a market cap of $35 billion. Glassnode warns of short-term volatility (10–15%) due to FOMO sentiment. If BitLicense is eliminated, New York could surpass #Miami as a crypto hub, attracting 500,000 new investors (Statista, 2025).
Risk warning
Crypto investments carry high risks due to price volatility, legislative uncertainty, and hacking. Investors need to protect their wallets against misconduct and conduct thorough research (DYOR). The information in this article is for reference only and is not investment advice.