Summit Background: Mayor Adams Reiterates Crypto Vision
On July 2, 2026, New York City hosted its first-ever crypto summit at Gracie Mansion, the mayor's official residence. Mayor Eric Adams used the platform to signal a new era for the city's crypto industry, stating that industry participants had been 'unjustly persecuted' and that it was now safe for Bitcoin and crypto entrepreneurs to speak up and set up shop in New York. He recommitted to his 2021 ambition of making New York the 'crypto capital of the world,' though little concrete progress had been made over the past four years.
Addressing the crowd, Adams said: 'Look how they’ve treated you — you were treated as though you were the enemy instead of the believers. You’ve been hiding in the shadows, afraid to come out — come out now.' Yet many in the audience noted that the single biggest barrier remains the BitLicense, New York State's controversial licensing regime for digital asset businesses.
The BitLicense Burden: High Cost and Heavy Bureaucracy
The BitLicense, issued by the New York State Department of Financial Services (NYDFS), is required for any company operating a digital asset business in the state. However, the process is notoriously onerous: obtaining a license often costs upwards of $100,000 and takes months, if not years, of cutting through red tape and bureaucratic hurdles. Most startups lack the time and capital to navigate this process. When Mayor Adams and New York City Chief Technology Officer Matthew Fraser asked attendees to propose solutions, multiple breakout groups independently called for either abolishing the BitLicense entirely or at least exempting New York City from its jurisdiction.
New York City as a Crypto Sanctuary City
'To build a thriving [crypto] economy, we have to get rid of the BitLicense,' said one attendee. 'We at least need to build a regulatory sandbox in New York City.' Another argued that 'New York City should become a sanctuary city from the BitLicense.' The summit operated under the Chatham House Rule, so specific speaker names cannot be disclosed, but the keynotes were public.
Nick Spanos, who founded the first in-person Bitcoin exchange and the earliest Bitcoin meeting space (Bitcoin Center) in New York City in 2013, made an impassioned plea: 'We give sanctuary to immigrants — we can give sanctuary to crypto companies.' He questioned the legitimacy of the BitLicense: 'What kind of license is it when, after 12 years, there are only 30 of them? That’s an insider license!'
Now Is the Time for New York State to Pass Crypto Legislation
Galaxy Digital CEO Mike Novogratz highlighted that after five difficult years, DC (the federal government) has signaled support for crypto, and New York should follow suit. 'New York State has not made crypto easy — it’s taken a long time for people to get licenses,' he said. He added that the crypto industry is 'ready for take off,' though it must prove itself by creating products that deliver real value to users. So far, he admitted, the only assets he sees as having real value are Bitcoin and stablecoins.
Tether co-founder Brock Pierce called on Albany (the state capital) to pass Assembly Bill 6266 and Senate Bill 3262, which would establish requirements for the creation and operation of limited purpose trust companies. If enacted, such a law would facilitate Tether's operations in New York.
Other Suggestions: Unbanked Services, Education, and Public Records on Blockchain
Several attendees proposed creating crypto-based financial products for the city's approximately 305,000 unbanked residents (though none suggested including bitcoin in these services). Many stressed the importance of crypto and blockchain education in New York's public school system. Mayor Adams echoed this: 'Every young person in the DOE [Department of Education] should know about blockchain and crypto.' One attendee suggested using blockchain to safeguard the city's public records. The author of this article piggybacked by suggesting the city consider Simple Proof, a company that uses the OpenTimestamps protocol on Bitcoin to protect public documents, including election results.
Call to Action: Mayor's Team Solicits Proposals
Mayor Adams asserted that when 'the mayor of the greatest city on the globe' talks about Bitcoin and crypto, the rest of the world pays attention, so he wanted the best and brightest to help guide him. At the end of the event, attendees were asked to share their notes so that Adams' team could review them and potentially call on certain individuals to help forge a more favorable regulatory path. Chief Technology Officer Fraser explicitly asked attendees to 'help the city deregulate the industry.' Whether Mayor Adams will follow through this time — or lose interest as he did four years ago — remains to be seen.