At a “crypto summit” on Tuesday held by Eric Adams – the controversial mayor of New York City who recently escaped several federal corruption charges – crypto CEOs and investors made an open plea: please get rid of state crypto regulations so we can write our own and turn the Big Apple into a “crypto sanctuary city.”
This was, in fact, Adams’s goal for the summit. “I smell money, crypto, crypto, blockchain, and all the good things,” he told reporters at a press conference right before the private event began.
As of now, crypto companies can only do business in New York state if they acquire a BitLicense from state financial regulators, which is notoriously difficult to obtain. According to Bitcoin Magazine, attendees, which included Galaxy CEO Mike Novogratz and Nick Spanos, the founder of the New York City Bitcoin Center, frequently attacked the program, both in front of reporters and behind closed doors during the private event, arguing that it was preventing billions of dollars from entering the city.
“We’re giving sanctuary to immigrants,” said Spanos. “We can give sanctuary to crypto companies.”
Though Adams can’t directly change state law as mayor, he’s previously calle …