New York’s Mayor Urges State to Abandon ‘stifling’ BitLicense Scheme

Mayor Eric Adams of New York City has criticized his state’s BitLicensing system, believing it stifles innovation and economic progress. Adams advised his state legislature peers in Albany “listen to those who are in the field” in a closing keynote interview at the Crypto and Digital Assets Summit in London on Wednesday, adding: “It’s about thinking not only outside the box but on this one; we may have to destroy the box.” Adams is a crypto enthusiast who campaigned for the mayor to make New York City the “center of the cryptocurrency industry” of the cryptocurrency business. He received his first three paychecks in Bitcoin (BTC). He stated in the interview that cryptocurrencies and blockchain technology are the “next chapters in the future” and that the opportunity should not be missed. NYC Mayor Eric Adams said the BitLicence was a “high barrier” for firms to jump which made the state less competitive and stifled innovation. https://t.co/bOznCTUFdu — Cointelegraph (@Cointelegraph) April 28, 2022 “New York State is the only state to require a license for crypto companies. That’s a high barrier, and it just makes us less competitive. We have to continue to be competitive.” Since 2015, any “virtual currency firm” intending to provide services in New York has needed to obtain a BitLicense. The license assures that New York residents have a “well-regulated mechanism to access the virtual currency marketplace,” according to the Ne...