New York City Mayor Eric Adams called for the repeal of the BitLicense, issued by the New York State Department of Financial Services (NYDFS) for the legal operation of crypto companies, at the Bitcoin 2025 conference in Las Vegas.
Adams believes that the strict requirements of BitLicense, introduced in 2015 to protect users from fraud, hinder the development of the crypto industry. According to him, New York should become a 'cryptocurrency empire', attracting business rather than scaring it away with bureaucracy.
The costs to obtain a license can reach $100,000, which discourages startups. Adams, known for his support of Bitcoin, also proposed launching BitBonds — bonds based on Bitcoin that combine fixed income with potential cryptocurrency growth.
These initiatives are part of his strategy to make New York a hub of crypto innovation. Previously, Adams received his salary in Bitcoin and organized the first crypto summit in the city. His call resonated within the crypto community, although repealing BitLicense requires state support.
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