New York City Mayor Eric Adams announced new partnerships between the city and several financial firms on May 12, signaling a continued push to establish New York City as a hub for the cryptocurrency industry. This announcement joins other efforts under Adams’ digital asset and blockchain plan to help New York City be more welcoming to such innovations.
Press conference with Manhattan and New York City law enforcement leaders, Adams announced, “New York City is open for business!” He timed this announcement perfectly to reel in crypto firms. He even announced that June Ou, founder of Figure, would join as an adviser. Richie Hecker, CEO of Traction and Scale, who will participate, to assist the city in its crypto efforts.
Ou and Hecker will advise New York City on "economic development and opportunities to serve the public using digital assets." This initiative is part of the city’s larger commitment to investigate how the digital assets revolution can be harnessed for public good.
"If you’re in the crypto, blockchain, Web3 or the fintech space, New York City is open for business." - Eric Adams
In April, Adams tweeted that New York City would be the home of a crypto summit scheduled for May 20. This latest move reflects the city’s seriousness and proactiveness in engaging with the crypto community.
Adams himself has a professional interest in the crypto market. According to a 2023 financial disclosure, he still owned between $5,000 and $54,999.99 in Bitcoin. In a December 2024 press conference, Adams claimed that his Bitcoin investments had appreciated in value.
Since then, Adams made another trip to the White House — on May 9. He was there to express his appreciation to Donald Trump for his encouraging words in support of Adams’ 2024 campaign. Since taking office, Trump has advanced major policies on digital assets.
Adams, you may remember, had recently been on trial for corruption for accepting illegal donations from the Turkish government. Local prosecutors heard the prosecution Trump-appointed Justice Department officials urging them to bring the case. In the end, the case was dismissed with prejudice in April, meaning it can never be reopened. Even today it isn’t clear if Adams’ May 12 announcement was due to his meeting with Trump.
Ayesha Kapoor
Senior Blockchain Writer
Ayesha Kapoor blends deep technical knowledge with accessible reporting to demystify blockchain, DeFi, and NFTs for the wider community. She thrives on collaborative work, balances empathy and analysis, and always brings clarity to complex innovations. Off hours, she’s an avid chess enthusiast and enjoys exploring street food across cities.
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