At the 2025 Bitcoin Conference in Las Vegas, New York City Mayor Eric Adams made a landmark announcement: New York City will issue a "Bit Bond," a new financial instrument tailored for Bitcoin holders. The statement quickly became the highlight of the conference, marking a significant breakthrough for local government engagement with cryptocurrency in the United States.
New York City to Issue Bit Bond, Leading Crypto Financial Innovation
Drawing a parallel between the American flag and Bitcoin, Adams said, "Just as our flag still flies, Bitcoin is going to continue to fly in our country." He emphasized, "New York City is going to lead the way. We are going to be the leader because we know the power of innovation and what innovation has to offer." Recalling a crypto summit held in New York a few weeks earlier, Adams stated, "We held it with a clear focus that it is time for you no longer to go through the lawfare that you went through and had to flee our city. New York is the empire state. We don’t break empires, we build empires."
He officially declared, "For the first time in the history of this city, we will have a financial instrument made for those who are holders of Bitcoin. I believe we need to have a Bit Bond, and I am going to push and fight to get a Bit Bond in New York." The crowd responded with enthusiastic applause. While specific details of the Bit Bond remain unannounced, it is expected to allow New York City to raise funds from Bitcoin holders for municipal projects, with holders receiving interest payments in return.
Adams Calls Crypto Businesses to Return, Vows to Eliminate BitLicense
Adams directly addressed crypto companies that left New York due to regulatory pressure: "Come back home. You have a mayor that is the crypto mayor, is the Bitcoin mayor, and I want you back in the city of New York. Where you won’t be attacked and criminalized. Let’s get rid of the Bitcoin license and allow the free flow of Bitcoin in our city." The controversial BitLicense framework, introduced by the New York State Department of Financial Services, has long been criticized for driving crypto startups out of the state. Adams’s pledge signals a dramatic policy shift, aiming to attract talent and capital back to the Big Apple.
He noted that the past years of lawfare forced many innovators to flee, but now New York will chart a new course. "Let’s remove obstacles and let innovation flourish freely." Adams stressed that New York would no longer be an adversary to crypto businesses but a partner in growth.
Bitcoin Blockchain for Birth Certificates, Accepting Tax Payments
Beyond financial instruments, Adams outlined practical applications of Bitcoin technology in public services: "We are going to use the Bitcoin blockchain for our birth certificates. We are going to use Bitcoin to pay off fines and taxes. We are going to allow our young people to understand what it is to be part of this industry, but we need you on the ground." This means New York City plans to explore using the tamper-proof nature of the Bitcoin blockchain to record vital records, and to officially accept Bitcoin as a payment method for municipal fines and taxes.
These initiatives demonstrate a deep embrace of crypto technology by the city government, pivoting from a strict regulatory stance to an innovation-friendly approach. Adams’s speech sent a powerful message: New York aims to reclaim its position as the global capital of cryptocurrency innovation. While the precise implementation timeline and details are yet to be released, the proposal of the Bit Bond and the accompanying policy vision have opened a new chapter for New York’s crypto future.