New York City mayor Eric Adams has said he’ll ensure that a Bitcoin Bond is launched in New York and renewed his calls to scrap the BitLicense Program.
Adams spoke at the Bitcoin2025 Conference. pledged To advocate and support creation of municipal bonds Bitcoin (BTC).
“We have financial instruments for all other bonds. You can have tax-exempt bonds and other bonds. It is time for the first time in the history of this city to have a financial instrument that is made for those who are holders of Bitcoin,” He said.
“I believe we need to have a Bitbond, and I am going to push and fight to get a Bitbond in New York so you can do those same bond investments in New York City.”
Adams did not provide details on how Bitbonds would function, but a policy paper published by advocacy group Bitcoin Policy Institute in March provided some information. proposed Model where the holders are given an annual rate of interest of 1% per year for 10 years.
The bond holders will receive a certain percentage when the bond matures. Bitcoin market gains. 10% of the money raised by the bond is spent on Bitcoin while 90% goes towards government expenditures. according Bond policy brief from the Bitcoin Policy Institute.
Adams is back to push BitLicense out of existence
Adams also called for repealing New York’s BitLicense program, which the state launched in 2015 and requires crypto businesses to apply for a license with the New York Department of Financial Services and meet strict compliance standards.
BitLicense is a program that allows you to download and install software on your computer. received criticism from the industry” Adams has also said the measure is too costly It has high licensing costs and too strict measures to prevent money laundering and know your customer.
“You have a mayor who 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,” He said.
“Let’s get rid of the Bitcoin license and allow us to have the free flow of Bitcoin in our city.”
Related: NYC Mayor doubles down on crypto push ahead of city summit
USDC stablecoin issuing company Circle, one of the first to be granted a BitLicense in crypto industry was Circle. Since then other crypto companies have been licensed including Coinbase crypto exchange and Bakkt trading firm.
Adams is actively working to bring crypto companies to New York City. Adams said at the New York City Crypto Summit’s inaugural event on May 20th that his latest effort was to recruit crypto companies. creating a digital advisory council To attract investment and jobs.
On May 12, Adams also announced that Traction and scale, a private equity firm and a financial services firm, would be acquired by Figure. assisting the city in its crypto efforts.
Magazine: Crypto City: Guide to New York
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Source: cointelegraph.com
