- New York City Mayor Eric Adams has called for the controversial BitLicense to be scrapped
- Adams called the requirement a “high barrier” that makes the city “less competitive”
- The BitLicense was implemented in 2015 and has proved immensely unpopular and expensive
New York City Mayor Eric Adams has called for the controversial BitLicense to be scrapped, calling it a “high barrier” that makes the city “less competitive” in the cryptocurrency world than others in the country. Adams was in London speaking at the Crypto and Digital Assets Summit in London on Wednesday where he urged the state legislature to “listen to those who are in the industry” and reconsider the merits of the license. The BitLicense was introduced in 2015 and led to a group of cryptocurrency companies leaving the city, and Adams is concerned that the issues regarding the difficulties involved in obtaining a license will leave New York missing out on the crypto boom it helped to start.
BitLicense Puts Up “High Barrier” to New York’s Competitiveness
Adams is in support of the cryptocurrency movement, even taking his first three paychecks in bitcoin since taking the role of Mayor last November, and has outlined plans to have cryptocurrencies taught in schools. Adams closed his keynote address at Crypto and Digital Assets Summit by addressing the notion that the BitLicense was acting as a force for good in the city:
“New York State is the only state to require a license for crypto companies. That’s a high barrier, and it just makes us less competitive. We have to continue to be competitive.
Adams also suggested his state legislature counterparts in Albany should “listen to those who are in the industry” before stating that, “It’s about thinking not only outside the box, but on this one, we may have to destroy the box.”
This is strong talk from Adams, but he may well have a battle on his hands to get his way given the attitude from other authorities in the city, and the state at large.
