New York City to Get Crypto Boost?

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  • New York City could become more crypto-friendly if mayor-elect Eric Adams wins
  • Adams told Bloomberg that he wanted to see how crypto adoption could be achieved
  • Adams cited Miami as an example of crypto adoption can work

New York City could be about to get a much needed cryptocurrency boost if mayor-elect Eric Adams is successful in his bid to run the city. Adams, who defeated Republican nominee Curtis Sliwa in Tuesday’s general election, told Bloomberg that he didn’t want to prevent the growth of digital currencies in the state, which, thanks to the efforts of various politicians since 2015, has been the hardest-hit state for crypto companies, leading to many leaving the state.

Adams Wants to Look Into Crypto Adoption

Adams told Bloomberg that he is committed to looking into “what’s preventing the growth of Bitcoin and cryptocurrency” in New York, which forms part of a larger push to become a “business-friendly” and “crypto friendly” city. His comments won’t go down well with the likes of the New York Attorney General Latetia Adams who has seemingly been on a personal crusade to eradicate cryptocurrency from the state, most notably taking on Tether and iFinex, which resulted in a settlement earlier this year.

Miami Heralded as Example of Adoption

This negative attitude toward crypto comes of course six years after the introduction of the onerous BitLicense, which has been heavily criticized by those in the crypto space because of the difficulty of the application process and the demands required of applicants. This is one example of what Adams said made New York a difficult place to do business:

We’re too bureaucratic, too expensive and too difficult to do business. Our agencies, they go into businesses looking for ways to penalize or fine them. We’re changing that atmosphere altogether, we’re going to become a business-friendly city.

Adams also told Bloomberg he’s looking specifically into the recent efforts Miami to adopt cryptocurrency and wants to foster a spirit of “friendly competition” with Miami in respect to its crypto efforts.