On July 2, 2026, New York City held its first ever crypto summit at Gracie Mansion, the mayor's residence. The event gathered prominent figures from the crypto industry, many based in New York. Mayor Eric Adams opened by expressing empathy for the industry's struggles, stating that they had been wrongfully persecuted and declaring it safe for Bitcoin and crypto professionals to speak up and set up shop in New York.
"Look how they've treated you," said Adams. "You were treated as though you were the enemy instead of the believers." He added, "You've been hiding in the shadows, afraid to come out — come out now." Adams recommitted to making New York the "crypto capital of the world," a promise first made in 2021, though little progress has materialized since then.
New York remains one of the toughest jurisdictions for crypto startups due to the BitLicense — a state license required to operate a digital asset company. Obtaining a BitLicense costs over $100,000 and takes months or years of bureaucratic hurdles. Most startups cannot afford the time or money. As a result, when Mayor Adams and Chief Technology Officer Matthew Fraser asked attendees for solutions, many called for eliminating the BitLicense or at least making New York City immune to it.
New York City As A Bitcoin And Crypto Sanctuary City
"To build a thriving crypto economy, we have to get rid of the BitLicense," one attendee said. "We at least need to build a regulatory sandbox in New York City." Another argued, "New York City should become a sanctuary city from the BitLicense." These comments followed roundtable discussions where groups shared proposals. Under the Chatham House Rule, speakers are not identified by name, but keynote speakers are named.
One attendee pointed out that New York City had precedent for sanctuary status — it allowed cannabis businesses to operate while the rest of the state did not. Nick Spanos, founder of the Bitcoin Center and the first in-person exchange in NYC, passionately argued for a crypto sanctuary. "We're giving sanctuary to immigrants — we can give sanctuary to crypto companies," he said. Spanos criticized 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 To Pass Crypto Legislation In New York State
Galaxy CEO Mike Novogratz highlighted the urgency. "After five difficult years, DC has said let's embrace this technology," he said, urging New York to follow the federal lead. "New York State has not made crypto easy — it's taken a long time for people to get licenses." Novogratz noted that the crypto industry is "ready for take off" but must prove itself with products that deliver real value. He concluded that he has only seen value in Bitcoin and stablecoins so far.
On stablecoins, Tether co-founder Brock Pierce called on Albany to pass Assembly Bill 6266 and Senate Bill 3262, which would establish requirements for limited purpose trust companies, potentially enabling Tether to operate in New York. Several attendees also proposed creating crypto products to serve New York 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 public schools. Mayor Adams echoed this: "Every young person in the DOE should know about blockchain and crypto." An attendee suggested using blockchain to safeguard public records. The writer proposed using Simple Proof, which employs Bitcoin's OpenTimestamps protocol to protect documents like election results.
Other Suggestions For Crypto Applications From The Attendees
Additional proposals included: establishing a local regulatory sandbox for startups, learning from states like Wyoming that have enacted clear digital asset laws, and leveraging blockchain for government transparency and efficiency. The consensus was that the BitLicense is outdated and must be replaced with a more flexible and innovation-friendly framework.
Call To Action
Mayor Adams declared that when the "mayor of the greatest city on the globe" talks about Bitcoin and crypto, the world listens. He wanted the best and brightest to guide him. At the summit's conclusion, attendees were asked to share their notes so Adams' team could review them and potentially call on individuals to help forge a more favorable regulatory path. Fraser explicitly asked attendees to "help the city deregulate the industry."
Time will tell if Mayor Adams follows through or loses interest as he did four years ago. Regardless, the summit sent a clear message: New York City is rethinking its crypto stance, and industry participants are ready to move from the shadows into the spotlight.