Nikolas Sargeant
At the Bitcoin 2025 conference, New York City Mayor Eric Adams unveiled a proposal to introduce a Bitcoin-backed municipal bond, dubbed the "BitBond." This initiative aims to attract cryptocurrency investors by offering a financial instrument that aligns with digital asset holdings. While specific details remain forthcoming, the concept suggests that a portion of the funds raised would be allocated to purchasing Bitcoin, with the remainder supporting municipal projects.
In conjunction with this proposal, Adams reiterated his call for the repeal of New York's BitLicense program, a regulatory framework introduced in 2015 that mandates crypto businesses to obtain a license from the Department of Financial Services. Critics argue that the BitLicense imposes high compliance costs and stringent requirements, potentially deterring innovation and investment in the state's crypto sector.
Adams, a known proponent of cryptocurrency, has previously taken his mayoral salary in Bitcoin and has been vocal about transforming New York City into a hub for digital asset businesses. His administration's efforts include forming a digital asset advisory council and collaborating with financial services firms to enhance the city's crypto infrastructure.
The success of the BitBond proposal and the potential repeal of the BitLicense will depend on legislative action at the state level. While Adams can advocate for these changes, the New York State Department of Financial Services and the state legislature hold the authority to modify or eliminate the BitLicense program. Advocates for the repeal argue that such changes are necessary to maintain the state's competitiveness in the rapidly evolving cryptocurrency landscape.
