According to PANews, New York City Mayor Eric Adams has called for the abolition of the BitLicense cryptocurrency regulation issued by the New York State Department of Financial Services (NYDFS). Speaking at the Bitcoin 2025 conference in Las Vegas, Adams proposed the introduction of Bitcoin-backed municipal bonds, referred to as 'BitBond.'
Adams stated, "Let's eliminate the BitLicense and allow Bitcoin to circulate freely in New York," pledging to support the creation of municipal bonds backed by Bitcoin. According to a proposal released by the Bitcoin Policy Institute in March, 90% of the funds raised through such bonds would be allocated to government spending, while 10% would be used to purchase Bitcoin. Bondholders would receive an annual interest rate of 1% along with a share of any Bitcoin appreciation.
