New York City Establishes Digital Assets Advisory Council for Fintech Growth

TLDR

• NYC Mayor Eric Adams announced a new Digital Assets Advisory Council to boost fintech jobs
• The council will explore blockchain applications for birth and death certificates
• Announcement came during a summit at Gracie Mansion with tech leaders and investors
• Mayor Adams has previously supported Bitcoin and wants NYC to be a “crypto capital”
• The council chair and policy recommendations will be announced in coming weeks

New York City is making a bold move into the cryptocurrency and blockchain space with Mayor Eric Adams announcing the formation of a new Digital Assets Advisory Council. The announcement came during a summit held at Gracie Mansion on Tuesday, where technology leaders, investors, and government officials gathered to discuss the future of digital finance in the city.

The mayor emphasized that the council will focus on expanding New York’s presence in the fintech sector while creating more jobs in the technology industry. “We want to use technology of tomorrow to better serve New Yorkers today,” Adams stated during the event.

According to city officials, the council will include experts from various sectors of the digital assets industry. While a chairperson has not yet been named, an announcement is expected in the coming weeks.

The council will meet regularly to provide strategic input on how technology can be adopted in public services and business environments. This initiative is part of Mayor Adams’ broader vision to establish New York City as the world’s “crypto capital.”

Blockchain for Public Records

One of the key areas the council will explore is the use of blockchain technology for public recordkeeping. Mayor Adams specifically mentioned the potential implementation of blockchain systems for birth and death certificates.

“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.”

City officials believe this approach could help families access important documents faster and more securely. The blockchain-based system would potentially reduce paperwork and streamline services, making it easier for families to handle critical records during difficult times.

While there are no immediate plans for implementation, discussions are expected to begin soon. This move aligns with growing interest from public institutions across the United States in using blockchain to modernize their data systems.

Opening Doors for Crypto Businesses

The summit included both public announcements and private discussions. Attendees represented family offices, tech startups, and investment firms, reflecting the diverse interest in New York’s crypto future.

Richard Hecker from Traction and Scale, a logistics company involved in the event, confirmed that several unicorn startups participated in the discussions. Andrew Durgee, co-CEO of Republic, which supports early-stage companies, noted that his firm continues to maintain its presence in New York despite regulatory challenges.

“Now the first time in 15 years, we’re in this scenario, we have no idea what it’s going to look like,” Durgee said about the changing fintech landscape. He also mentioned that more tech professionals are returning to the United States from abroad as crypto regulations develop.

Mayor Adams used the event to send a clear message that New York is “open for business” in the crypto space. The council is part of his effort to make the city more attractive to innovators in digital finance.

The city is also exploring whether city services and taxes could be paid via cryptocurrency. New York City CTO Matthew Fraser highlighted the inclusive potential of such a move:

“Imagine for those that have been locked out of the traditional banking system, being able to pay for government services using crypto.”

Fraser stressed the importance of staying ahead in the technology race. “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 timing of the NYC Crypto Summit coincides with policy changes at the federal level following President Donald Trump’s re-election. Mayor Adams, who will run for re-election as an independent rather than participating in the Democratic primary, has aligned himself with some of the president’s policies.

At the summit, Adams expressed support for those in the crypto industry who have faced challenges. “You were harassed, you were demonized, you were treated as though you were the enemy, instead of the believers,” he said. “But you withstood it. Your resiliency is admirable, and it will all pay off, because everyone is going to come around.”

The exact structure and membership of the advisory council are still being finalized, but its launch is expected to spark conversations around future policy and investments in New York’s digital economy.