New York City Mayor Eric Adams has renewed his commitment to transforming the city into a leading crypto hub, announcing plans to push for the launch of a municipal Bitcoin bond and once again calling for the repeal of the state’s controversial BitLicense regulation.
Speaking at the Bitcoin 2025 conference, Adams declared his intention to champion the introduction of what he dubbed a “Bitbond” — a financial instrument tailored specifically for Bitcoin holders.
“We have financial instruments for all other bonds. You can have tax-exempt bonds and other bonds. It is time for the first time in the history of this city to have a financial instrument that is made for those who are holders of Bitcoin,”
Adams told the crowd of crypto enthusiasts.
While the mayor did not outline a concrete framework for the proposed bond, a recent policy brief from the Bitcoin Policy Institute offers a possible blueprint. The model suggests a 10-year bond that pays holders an annual interest rate of 1%, with a portion of any Bitcoin market gains distributed upon maturity. According to the brief, 90% of the funds raised would be allocated for government use, while the remaining 10% would be allocated to Bitcoin purchases.
In the same speech, Adams reiterated his longstanding criticism of New York’s BitLicense program, which has been a regulatory thorn in the side of many crypto businesses since its inception in 2015. The licensing regime, overseen by the New York Department of Financial Services, imposes strict compliance requirements, including high fees and rigid Anti-Money Laundering (AML) and Know Your Customer (KYC) rules.
“We must stop criminalizing innovation,”
Adams said.
“I’m the Bitcoin mayor, and I want crypto businesses to return to New York without fear of being bogged down by outdated regulation.”
The BitLicense has been widely criticized within the crypto industry as overly burdensome, with some firms avoiding New York altogether due to its stringent requirements. While firms like Circle, Coinbase, and Bakkt have secured the license, many others have steered clear of operating in the state.
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