NYC Mayor Eric Adams Champions Bitcoin Bond, Seeks End to BitLicense

%3Cp%3ENew%20York%20City%20Mayor%20Eric%20Adams%20says%20he%20will%20ensure%20a%20Bitcoin%20bond%20is%20launched%20in%20the%20city%20and%20renewed%20his%20call%20to%20axe%20New%20York%E2%80%99s%20BitLicense%20program.%3C%2Fp%3E%3Cp%3ESpeaking%20at%20the%20Bitcoin%202025%20conference%2C%20Adams%20%3Cstrong%3Epledged%3C%2Fstrong%3E%20to%20advocate%20for%20and%20support%20the%20creation%20of%20municipal%20bonds%20backed%20by%20Bitcoin%20(BTC).%3C%2Fp%3E%3Cp%3E%E2%80%9CWe%20have%20financial%20instruments%20for%20all%20other%20bonds.%20You%20can%20have%20tax-exempt%20bonds%20and%20other%20bonds.%20It%20is%20time%20for%20the%20first%20time%20in%20the%20history%20of%20this%20city%20to%20have%20a%20financial%20instrument%20that%20is%20made%20for%20those%20who%20are%20holders%20of%20Bitcoin%2C%E2%80%9D%20he%20said.%3C%2Fp%3E%3Cp%3E%E2%80%9CI%20believe%20we%20need%20to%20have%20a%20Bitbond%2C%20and%20I%20am%20going%20to%20push%20and%20fight%20to%20get%20a%20Bitbond%20in%20New%20York%20so%20you%20can%20do%20those%20same%20bond%20investments%20in%20New%20York%20City.%E2%80%9D%3C%2Fp%3E%3Cfigure%3E%3Cimg%20alt%3D%22New%20York%20City%20Mayor%20Eric%20Adams%20wants%20a%20Bitcoin%20bond%20and%20to%20axe%20the%20State%20BitLicense%20program.%20BitSource%3A%20YouTube%22%20src%3D%22https%3A%2F%2Fipowercrypto.com%2Fwp-content%2Fuploads%2F2025%2F05%2F01971a91-5a01-7fc0-8c96-cdf78625e6e6-2.jpg%22%20title%3D%22%22%3E%3C%2Ffigure%3E%3Cp%3EAdams%20didn%E2%80%99t%20share%20details%20about%20how%20a%20Bitbond%20would%20work%3B%20however%2C%20a%20March%2031%20policy%20brief%20paper%20from%20advocacy%20group%20the%20Bitcoin%20Policy%20Institute%20proposed%20a%20model%20where%20holders%20receive%20an%20annual%20interest%20rate%20of%201%25%20for%2010%20years.%3C%2Fp%3E%3Cp%3EWhen%20the%20bond%20matures%2C%20holders%20also%20receive%20a%20percentage%20of%20any%20Bitcoin%20market%20gains.%20At%20the%20same%20time%2C%2090%25%20of%20the%20funds%20raised%20through%20the%20bonds%20are%20allocated%20to%20government%20spending%2C%20while%2010%25%20is%20used%20to%20purchase%20Bitcoin%2C%20according%20to%20the%20Bitcoin%20Policy%20Institute%E2%80%99s%20bond%20policy%20brief.%3C%2Fp%3E%3Ch2%3EAdams%20again%20pushes%20to%20axe%20BitLicense%3C%2Fh2%3E%3Cp%3EAdams%20also%20called%20for%20repealing%20New%20York%E2%80%99s%20BitLicense%20program%2C%20which%20the%20state%20launched%20in%202015%20and%20requires%20crypto%20businesses%20to%20apply%20for%20a%20license%20with%20the%20New%20York%20Department%20of%20Financial%20Services%20and%20meet%20strict%20compliance%20standards.%3C%2Fp%3E%3Cp%3EThe%20BitLicense%20program%20has%20received%20criticism%20from%20the%20industry%2C%20and%20Adams%20has%20also%20said%20the%20measure%20is%20too%20costly%20with%20high%20licensing%20fees%2C%20and%20is%20too%20stringent%20with%20its%20Anti-Money%20Laundering%20and%20Know%20Your%20Customer%20measures.%20%3C%2Fp%3E%3Cp%3E%E2%80%9CYou%20have%20a%20mayor%20who%20is%20the%20crypto%20mayor%2C%20is%20the%20Bitcoin%20mayor%2C%20and%20I%20want%20you%20back%20in%20the%20city%20of%20New%20York%2C%20where%20you%20won%E2%80%99t%20be%20attacked%20and%20criminalized%2C%E2%80%9D%20he%20said.%3C%2Fp%3E%3Cp%3E%E2%80%9CLet%E2%80%99s%20get%20rid%20of%20the%20Bitcoin%20license%20and%20allow%20us%20to%20have%20the%20free%20flow%20of%20Bitcoin%20in%20our%20city.%E2%80%9D%3C%2Fp%3E%3Cp%3EUSDC%20stablecoin%20issuer%20Circle%20was%20one%20of%20the%20first%20crypto%20companies%20to%20receive%20a%20BitLicense%3B%20others%20have%20since%20followed%2C%20including%20crypto%20exchange%20Coinbase%20and%20trading%20firm%20Bakkt.%3C%2Fp%3E%3Cp%3EAdams%20has%20been%20actively%20pushing%20to%20attract%20crypto%20firms%20to%20New%20York%20City.%20As%20part%20of%20his%20most%20recent%20effort%2C%20Adams%20told%20the%20inaugural%20New%20York%20City%20Crypto%20Summit%20on%20May%2020%20that%20he%20was%20creating%20a%20digital%20advisory%20council%20to%20attract%20jobs%20and%20investments.%3C%2Fp%3E%3Cp%3EMeanwhile%2C%20on%20May%2012%2C%20Adams%20announced%20financial%20services%20company%20Figure%20and%20private%20equity%20firms%20Traction%20and%20Scale%20would%20be%20assisting%20the%20city%20in%20its%20crypto%20efforts.%3C%2Fp%3E