New York City Mayor Eric Adams has announced the formation of a new Digital Assets Advisory Council, marking a major step in his administration’s push to position NYC as a global center for cryptocurrency and blockchain innovation. The announcement came during the inaugural NYC Crypto Summit, where Adams addressed a packed room of crypto enthusiasts and industry leaders.

We're taking the next step in becoming the Crypto Capitol of the WORLD, hosting our city's first-ever Crypto and Digital Assets Summit! Join us LIVE as we get started: https://t.co/iwO6ThkaSB

— Mayor Eric Adams (@NYCMayor) May 20, 2025

The council’s main purpose will be to help bring fintech jobs and investment to New York City. This initiative aligns with Adams’ long-stated goal of making New York the “crypto capital of the globe.”

“My goal remains the same as it was day-one as mayor: making New York City the crypto capital of the globe,” said Adams at the summit. “We will be creating a digital asset advisory council to bring big fintech jobs and investment right here to the Big Apple.”

Adams, who made headlines in 2022 when he received his first three paychecks in Bitcoin and Ethereum, has been a vocal supporter of cryptocurrency. The mayor emphasized that this new council is not about “chasing memes or trends” but about leveraging technology to improve services for New Yorkers.

Details about the council’s structure remain sparse. The mayor indicated that the chair of the council and key policy recommendations would be announced in the coming weeks.

One of the key areas the city plans to explore is the use of blockchain technology for managing sensitive information, particularly vital records. Both Adams and New York City CTO Matthew Fraser highlighted the potential for blockchain to enhance the security and accessibility of birth certificates and death records.

“We’re also looking at the power of blockchain and how it can be used to manage sensitive information, like our vital records,” Adams explained. “Bringing blockchain security capabilities to the city means that birth certificates and death records can remain private, but accessible to New Yorkers and their next of kin.”

The administration is also considering whether city services and taxes could be paid using cryptocurrency. This innovation could potentially provide financial services access to those who have been excluded from traditional banking systems.

“Imagine for those that have been locked out of the traditional banking system, being able to pay for government services using crypto,” said Fraser. “We’re not talking about innovation; we’re talking about survival. And if we don’t get in front of this and we don’t build a strategy that works, then we’re going to get left behind.”

The summit brought together a diverse group of participants from family offices, tech startups, and investment firms. Richard Hecker of Traction and Scale confirmed the participation of several unicorn startups at the event.

Andrew Durgee, co-CEO of Republic, which supports early-stage companies, noted that despite regulatory challenges, his firm has chosen to remain in New York. Durgee also mentioned an interesting trend: more tech professionals are returning to the U.S. from abroad as crypto regulation develops, potentially looking to cities like New York as a base for their operations.

The announcement of the crypto council comes in the wake of President Donald Trump’s re-election. Trump has made several crypto-related policy moves since returning to the White House, and Adams has shown support for the president and his policies.

Adams, who will run for re-election as an independent following a federal corruption investigation that was dismissed by Trump’s DOJ in April, took the opportunity to offer words of encouragement to the crypto community.

“You were harassed, you were demonized, you were treated as though you were the enemy, instead of the believers,” he told attendees. “But you withstood it. Your resiliency is admirable, and it will all pay off, because everyone is going to come around.”

The Digital Assets Advisory Council represents a clear signal that New York City is “open for business” when it comes to emerging technologies. By forming this council, the city aims to create a more favorable environment for startups and established firms alike, potentially spurring growth in the local tech job market.

No specific timeline has been given for the implementation of blockchain in public recordkeeping, but discussions are expected to begin soon as part of the city’s broader digital upgrade plans.