NYC Mayor Eric Adams Vows to Launch Bitcoin-Backed Bonds, Calls to Scrap BitLicense

New York City Mayor Eric Adams is doubling down on his pro-crypto agenda, announcing plans to champion the launch of a Bitcoin-backed municipal bond—dubbed a “Bitbond”—and renewing calls to dismantle New York State’s controversial BitLicense program.

Speaking at the Bitcoin 2025 conference, Adams pledged to push for a financial instrument that integrates Bitcoin into the city’s municipal bond offerings.

“We have financial instruments for all other bonds—tax-exempt bonds and more,” Adams said. “It’s time to create a financial product for Bitcoin holders. I believe we need a Bitbond, and I will fight to bring that to New York City.”

Although Adams did not provide technical details on how such a bond would operate, a policy proposal released in March by the Bitcoin Policy Institute outlines a potential structure. According to the brief, the bond could offer holders an annual 1% interest rate over 10 years, along with a share of Bitcoin price gains at maturity. Under the proposal, 90% of funds raised would go to city expenditures, while 10% would be used to purchase and hold Bitcoin.

Eric Adams Renews Attack on BitLicense

In addition to promoting the Bitbond concept, Adams reiterated his opposition to the state’s BitLicense framework—a regulatory program established in 2015 that requires crypto companies to meet stringent licensing and compliance standards.

Adams argued that the current licensing process imposes excessive costs and burdens on crypto businesses, discouraging innovation and pushing firms away from New York.

“You have a mayor who is the crypto mayor, the Bitcoin mayor,” Adams said. “Let’s get rid of the Bitcoin license and allow the free flow of Bitcoin in our city. We want you back in New York, where you won’t be attacked or criminalized.”

The BitLicense has long drawn criticism from the crypto industry for being overly restrictive. While major companies like Circle, Coinbase, and Bakkt have successfully obtained the license, many startups cite high compliance costs and slow approvals as major barriers to entry.

Pushing Crypto Forward in NYC

Adams has consistently positioned himself as a crypto advocate. At the New York City Crypto Summit on May 20, he announced the formation of a digital advisory council aimed at attracting crypto companies, creating jobs, and boosting investment in the city.

Earlier this month, Adams also revealed that financial services firm Figure, along with private equity firms Traction and Scale, would support the city’s efforts to expand its crypto and digital asset strategy.

The mayor’s latest moves signal a continued commitment to making New York City a hub for digital finance, even as regulatory challenges remain.

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