New York City Hall is in turmoil. Since his election in 2021 as mayor of New York, Eric Adams wants to make the city a crypto center. Unfortunately, while this is the subject of a federal investigationthe cryptographic record of its mandate remains mixed.
Mayor of New York impeached by the courts
On September 25, our colleagues at the New York Times revealed that The mayor of New York, Eric Adams, was indicted by the US justice system.
So, after a series of federal investigations, Eric Adams is among the others accused of corruption.
Although the specific allegations remain unknown to the general public, reports indicate that several members of his team, including high-ranking police and school officials, are involved in financial fraudfrom data theft or even embezzlement.
Eric Adams defended himself through a video speech posted on social media, dismissing all the allegations as “lies.”
Although he does not wish to resign despite these affairs, the decision is not entirely up to him. Gov. Kathy Hochul could also decide to suspend him.
A hard blow to cryptocurrencies
Unfortunately, this issue does not work in favor of our ecosystem. Eric Adams has indeed made cryptocurrencies central to his politics after his election in 2021.
His goal was clear: to make New York a “global crypto center,” competing with other crypto-friendly cities.
Several actions were taken in this direction during his mandate. Among its initiatives was the introduction of a pilot program that allows municipal employees to receive part of their salary in cryptocurrencies. It has also sought to attract cryptocurrency companies by establishing partnerships that mix public and private.
Despite this pro-crypto stance, however, the reality in practice is much more complex.
Adams came across regulations already in place in New York State, particularly through the famous BitLicense. It is a legal framework that regulates the activities of cryptocurrency-related companies. He already has widely criticized by the industryhe considers it too strict.
A mixed cryptographic record
Despite his pro-crypto stance, Eric Adams’ record remains mixed. Indeed, his administration facilitated several projects. In fact, it has failed to relax strict regulations, making New York unattractive for crypto businesses.
Now the scandals surrounding his administration and his accusations have only worsened the situation. This could even have detrimental effects on cryptocurrencies if companies in the field are linked to the corruption allegations that have overwhelmed Eric Adams.
This could further exacerbate public opinion still reeling from the FTX scandal that did so much damage to our industry in November 2022. the company’s bankruptcy plan was finally approvedand details of refunds for injured users are beginning to emerge.