30s Summary

Democrat Eric Adams, elected Mayor of NYC in 2021, pledged to transform the city into the “center of Bitcoins” and advocated for cryptocurrency education in schools. Despite keeping his promise of accepting three paychecks in crypto, there is uncertainty over whether his pro-crypto pledges have brought any significant changes, particularly amidst legal accusations and criticism of his administration. While Adams has been indicted for alleged crimes spanning a decade, his exit would not necessarily eliminate the city’s pro-crypto initiatives, although they could be adjusted. The article concludes that pro-crypto politicians can encourage such policies but can bring other issues.

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Before crypto became hot topic in the U.S. presidential election, a race was going on in the Big Apple about who was going to fill Mayor Bill DeBlasio’s shoes. Democrat Eric Adams was competing against Republican Curtis Sliwa, with both pushing the idea of being crypto-champion mayors. It’s interesting because Adams had just seen off Andrew Yang, another crypto advocate, in the Democratic Party primary.

While on the campaign trail, Adams made some big promises, like turning NYC into the “center of Bitcoins.” He got elected in November 2021, and didn’t drop the crypto pitch. He declared that NYC would be “the center of the crypto industry”, and he also mentioned that cryptocurrency should be taught in schools.

Fast forward three years after his election, things got a bit rough for Adams as he was indicted by the FBI and charged with “bribery, campaign finance, and conspiracy offenses”, after allegedly being involved in criminal activities for almost a decade. Since then, seven key people have given up their positions in his administration.

Now with Adams’ political career hanging by a thread, it’s uncertain if any positive changes have happened for crypto in NYC. His administration defends his record, but people who live there say nothing noteworthy has really happened. Plus, a lot of people in the crypto world are getting worried about the industry’s ties to controversial characters like Adams.

When Adams first became mayor, he ended up in a fun competition with Miami Mayor Francis Suarez, who’d promised to take a full paycheck in Bitcoin. Adams responded by saying he’d take his first three paychecks in crypto – a promise he kept with a little help from Coinbase.

Every year, NYC officials have to fill in a form that asks if they own any stocks. In his 2023 form, Adams said he owns between $5,000 and $54,999.99 in Bitcoin, which suggests he’s been holding onto some of his crypto paychecks.

Even after becoming mayor, Adams kept showing his support for cryptos. In June 2022, he spoke out against a temporary hold on new non-renewable-energy mining operations in New York. Then, half a year later, even though prices had plummeted, Adams still stood by his support for crypto.

In February 2023, the city’s tech committee had a meeting to talk about blockchain, crypto, and other exciting digital tools. The city’s chief tech officer, Matthew Fraser, was invited. Fraser talked about some of the things the administration was working on – like launching education programs, organizing events, and making a digital wallet for city workers that would accept cryptos. No one’s quite sure what’s happening with these projects or when they’ll be launched.

When asked about his commitment to Bitcoin in a local TV interview in July 2024, Adams talked about considering other forms of crypto and “cashless wallets”. He encouraged people to embrace the new forms of payment instead of fearing them.

However, Thomas Pacchia, who set up a Bitcoin bar in NYC, said he’s noticed no real change since Adams became mayor. He has not been contacted by the mayor’s office, which he thinks says a lot. He pointed out that though the mayor’s office might favor crypto, the city is still governed by the state. This is problematic as New York state has some of the toughest regulations on crypto in the U.S.

Despite Mayor Adams’ legal issues, the fate of his pro-crypto initiatives is uncertain. If he is forced to leave office or decides to resign, the city’s public advocate, Jumaane Williams, would take over until a special election is held to pick a new mayor. However, the appointees who share Adams’ pro-crypto stance, like Fraser, can’t be ousted by Williams. So, the city’s blockchain initiatives are unlikely to be scrapped immediately. But, whoever replaces Adams will have the power to adjust these initiatives.

Perhaps the takeaway from Mayor Adams’ story is that electing a pro-crypto politician can lead to the implementation of some pro-crypto policies. But, they also bring baggage with them. For instance, a poll showed that Adams is the most unpopular NYC mayor since polling started in 1996.

Source: Cointelegraph