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New York City Mayor Eric Adams is championing a Bitcoin bond initiative and advocating for the repeal of New York’s BitLicense program. Speaking at the Bitcoin 2025 conference, Adams publicly committed to supporting the creation of municipal bonds backed by Bitcoin (BTC), a novel financial instrument he terms a “Bitbond.” He envisions this as a way to provide Bitcoin holders with a new investment opportunity within the city’s financial landscape, mirroring existing bond structures. While specifics on the Bitbond’s mechanics remain unannounced, a proposal from the Bitcoin Policy Institute suggests a model offering a 1% annual interest rate over ten years, plus a share of any Bitcoin market appreciation upon maturity. Ninety percent of funds raised would be allocated to city spending, with the remaining 10% used to purchase Bitcoin.
Adams’s call to eliminate the BitLicense program reflects ongoing industry criticism of its costs and regulatory stringency. Introduced in 2015, the BitLicense requires cryptocurrency businesses to obtain a license from the New York Department of Financial Services, adhering to stringent compliance standards, including Anti-Money Laundering and Know Your Customer regulations. Adams argues that these requirements are excessively burdensome, hindering the growth of the cryptocurrency sector within New York City. He aims to foster a more welcoming environment for cryptocurrency businesses, contrasting the city’s approach with what he perceives as hostile or criminalizing regulations elsewhere.
Adams’s pro-crypto stance has led to various initiatives. He recently announced a digital advisory council to attract crypto-related jobs and investments. Furthermore, collaborations with financial services company Figure and private equity firms Traction and Scale aim to boost the city’s cryptocurrency endeavors. This aggressive push for crypto-friendly policies positions New York City as a potential hub for Bitcoin innovation and investment, contrasting with the more cautious approach of other jurisdictions. The success of the Bitbond proposal and the potential repeal of the BitLicense would significantly impact the future of the cryptocurrency industry in New York.
