- New York City starts a new office to manage digital assets and blockchain under city leadership.
- The office will guide safe crypto use and support financial access for underbanked communities.
- Mayor Adams ends his term after pushing for crypto policy and creating the city’s blockchain office.
Mayor of New York City, Eric Adams, signed Executive Order 57 this week. The order creates a new city office focused on digital assets and blockchain. It is the first mayoral office of its kind in the United States. The new Office of Digital Assets and Blockchain will operate under the city’s Chief Technology Officer. It will be led by Moises Rendon, a blockchain policy expert from the Office of Technology and Innovation.
The office will oversee the responsible use of digital assets and blockchain across city agencies. It will also advise city leadership on related policies and laws. The office is mandated to work with the state and federal governments. It aims at developing a supportive atmosphere of crypto and blockchain innovation in the city.
Focus on Innovation and Financial Inclusion
The office will work to position New York City as a competitive hub for financial technology. It will also support initiatives that serve underbanked communities. The office plans to educate residents about digital assets. This includes offering guidance on safe usage and fraud prevention.
The city tries to make government services more accessible with the help of new technology. Authorities think that blockchain can be used to enhance transparency and efficiency. The office will also create mass campaigns to educate the residents about the risks and benefits of utilizing digital currencies.
Strengthening Crypto-Government Relations
One major focus of the office is coordination between the crypto industry and government agencies. The office will serve as a central point for communication and strategy. It aims to help the city navigate evolving regulations in the digital finance space.
The team will also help shape policy that encourages responsible blockchain development. It will make new projects adhere to city, state, and federal laws. The other objective is to lure the best technological minds to the city. Leaders believe this will help New York remain globally competitive in fintech.
Mayor’s Crypto Vision Nears End
Mayor Eric Adams has supported crypto innovation since the start of his term. He accepted his first three paychecks in Bitcoin in 2021. He also proposed Bitcoin-backed bonds and formed a digital advisory council. His administration worked for two years to bring blockchain into city operations. He also launched a Digital Assets Advisory Council on May 20 during the NYC Crypto Summit.
At the end of the year, Adams will leave office. He terminated his re-election campaign last month. His prominent reasons were campaign finance problems and media coverage. The latest polls have Assemblyman Zohran Mamdani winning the race to be mayor before the November 4 election.
