Eric Adams calls for Bitcoin bond in NYC, end to state BitLicense

Adams didnt share details about how a Bitbond would work; however, a March 31 policy brief paper from advocacy group the Bitcoin Policy Institute proposed a model where holders receive an annual interest rate of 1% for 10 years.

When the bond matures, holders also receive a percentage of any Bitcoin market gains. At the same time, 90% of the funds raised through the bonds are allocated to government spending, while 10% is used to purchase Bitcoin, according to the Bitcoin Policy Institutes bond policy brief.

Adams again pushes to axe BitLicense

Adams also called for repealing New Yorks BitLicense program, which the state launched in 2015 and requires crypto businesses to apply for a license with the New York Department of Financial Services and meet strict compliance standards.

The BitLicense program has received criticism from the industry, and Adams has also said the measure is too costly with high licensing fees, and is too stringent with its Anti-Money Laundering and Know Your Customer measures.

“You have a mayor who is the crypto mayor, is the Bitcoin mayor, and I want you back in the city of New York, where you wont be attacked and criminalized,” he said.

“Lets get rid of the Bitcoin license and allow us to have the free flow of Bitcoin in our city.”

USDC stablecoin issuer Circle was one of the first crypto companies to receive a BitLicense; others have since followed, including crypto exchange Coinbase and trading firm Bakkt.

Adams has been actively pushing to attract crypto firms to New York City. As part of his most recent effort, Adams told the inaugural New York City Crypto Summit on May 20 that he was creating a digital advisory council to attract jobs and investments.

Meanwhile, on May 12, Adams announced financial services company Figure and private equity firms Traction and Scale would be assisting the city in its crypto efforts.