New York City has long been a heavy note for crypto companies to crack. That expensive, complicated Bitlicense has kept many companies on the length of the arm – some even fled the state. But now Mayor Eric Adams shakes things in a great way.
At Bitcoin 2025 he called for the complete withdrawal of the Bitlicense and invited crypto companies “Come back home.”
What is behind this sudden increase in trust from a city that many thought it had written off the crypto? And what exactly is this new Bitcoin band that he called? Let’s break down what Adams’ vision is.
Why Bitlicense has been a large roadblock
Since 2015, the Bitlicense has been the golden ticket for crypto companies that want to operate in New York. But “golden” is a piece. The costs to start are easily $ 100,000 over, and the hoops to jump through are anything but easy. Only 34 companies have protected this license, including heavy hitters such as Coinbase and Robinhood Crypto.
For many, however, the price and bureaucracy were too much. Some companies, such as Bitquick, left the state completely, and blaming “cost and compliance costs” to make New York more problems than it is worth.
Adams: the “Bitcoin Mayor”
For a reason, Mayor Adams is called the “Bitcoin Mayor” – in 2022 he converted his first mayor of Bitcoin and Ethereum. Now he pushes harder and says:
“New York is the Empire State. We don’t break the rich. We build rich.”
He wants to scrap the Bitlicense and open the doors wide for the “free stream of Bitcoin in our city.” That is a clear challenge for the status quo.
What is this Bitcoin bond from New York City?
In addition to the Bitlicense withdrawal, Adams hinted on a new idea: a Bitcoin bond in New York City. The details are vague, but it could mean that a municipal bond is supported by Bitcoin possibly give daily New Yorkers tax-free access to Bitcoin win.
It is a smart move when it crosses out and combines traditional financing with the crypto world in a way that New York has never seen before.
Could this be the crypto -comeback -moment of NYC?
If Adams achieves this, New York could stop a no-go zone for crypto startups. It can even generate a new wave of deregulation in other states that are hungry to attract digital activa companies.
But the big question remains: will the state government actually withdraw the Bitlonieke? Or will this remain a dream, which excludes crypto companies?