New York City Mayor Eric Adams has advocated for the elimination of the state’s BitLicense, a regulatory framework introduced in 2015 that has frequently drawn criticism from the crypto sector for imposing high compliance costs.
New York City Mayor Eric Adams has pledged to facilitate the launch of a Bitcoin bond in the city while reiterating his stance to dismantle the state’s BitLicense initiative.
While addressing the audience at the Bitcoin 2025 conference, Adams pledged his advocacy and support for launching city-issued bonds backed by Bitcoin.
“For every other financial asset, there are corresponding instruments — like tax-exempt and general obligation bonds. Now, for the first time in this city’s history, a dedicated financial tool should be introduced for Bitcoin holders,” he stated.
He expressed his intent to advocate strongly for the launch of a Bitbond in New York, emphasizing his commitment to making it possible for investors to engage in similar bond opportunities within the city.
Details about the implementation of a Bitbond were not disclosed by Adams; however, a policy brief released on March 31 by the advocacy group Bitcoin Policy Institute suggested a framework in which holders could earn a 1% annual interest rate over a 10-year term.
Upon maturity, bondholders are entitled to a share of any appreciation in Bitcoin’s market value. Simultaneously, as outlined in the Bitcoin Policy Institute’s bond policy brief, 90% of the bond proceeds are designated for government expenditures, with the remaining 10% directed toward the acquisition of Bitcoin.
Adams Renews Call to Eliminate New York’s BitLicense
Adams also advocated for the elimination of New York’s BitLicense program, which was introduced by the state in 2015. The regulation obligates cryptocurrency companies to obtain a license from the New York Department of Financial Services and adhere to rigorous compliance requirements.
The BitLicense program has been widely criticized within the industry. Adams has argued that the regulation imposes excessive costs due to steep licensing fees and enforces overly strict Anti-Money Laundering and Know Your Customer requirements.
“You have a mayor who champions crypto, who stands as the Bitcoin mayor, and I want you to return to New York City — a place where you won’t face persecution or criminalization,” he stated.
“Let’s eliminate the BitLicense and enable the unrestricted circulation of Bitcoin throughout our city,” he urged.
Circle, the issuer of the USDC stablecoin, was among the earliest crypto firms to obtain a BitLicense. Since then, companies such as Coinbase and trading platform Bakkt have also received the license.
Adams has maintained a proactive stance in drawing crypto companies to New York City. During the first New York City Crypto Summit on May 20, he announced the formation of a digital advisory council aimed at encouraging job creation and investment in the sector.
On May 12, it was announced by Adams that the city’s crypto initiatives would receive support from financial services firm Figure, along with private equity groups Traction and Scale.
