On February 9, billionaire investor Bill Ackman requested New York officials to remove restrictions on cryptocurrency innovation in the state. In comparison to other states in America, New York is currently among the strictest jurisdictions. As a result, most crypto trading platforms, DeFi protocols, and so on have stopped operating in the state. In a Twitter response to New York City Mayor Eric Adams and Governor Kathy Hochul, Bill Ackman, founder of Pershing Square Capital Management, said, “Let’s address this right away.” “We can’t afford to lose any more New Yorkers,” Ackman added.
According to Bloomberg, Ackman earlier stated that crypto innovation should be a “top priority.” However, that tweet has since been removed. Last year, New York City elected Eric Adams as Mayor, who could help bring about a sea change in the city’s crypto ecosystem. The local mayor has been outspoken about his crypto-friendly views, and he sees Bitcoin as a good investment under $50,000. Eric Adams converted his first paycheck into Bitcoin and Ethereum last month and wants to acquire additional BTC and ETH with two more paychecks this year.
Eric Adams is also considering a proposal to enable small businesses to accept payments in digital assets in order to stimulate crypto innovation in the city. Eric Adams stated in an interview with CNN in November 2021 that his administration is presently working on this issue. Furthermore, New York City, like Miami, is working to create a whole crypto ecosystem for investors, miners, and businesses alike. It has also developed its own cryptocurrency, NYCCoin, for which mining has already started.
With the help of City Mayor Eric Adams, we expect that New York will become a hub for crypto enterprises in the coming decade.
