On October 14, New York City Mayor Eric Adams announced the creation of a dedicated hub for digital assets and blockchain technology, the first of its kind in a city hall.
As he himself has stated, the new Digital Assets and Blockchain Authority will help New York City become a frontrunner in financial innovation, even attracting top talent from around the world in the process.
New York currently has some of the strictest digital asset regulations in the United States, with a focus on strict licensing, transparency, and consumer protection.
The new Office of Digital Assets and Blockchain Technology was created under Executive Order 57, which Adams signed on October 14th. The new bureau will report directly to Matthew Fraser, the city’s chief technology officer, and will be part of the mayor’s office.
“This new Mayor’s Office will help us stay ahead of the curve, grow our economy and attract world-class talent.” Adams said in a post about X. “The nation’s first Digital Assets and Blockchain Authority will help us become the global capital of digital assets.”
The office will be run by Moises Rendon, a digital asset and blockchain policy expert who has been advising the city since 2024.
His main goals are to keep the city at the forefront of blockchain innovation, connect government agencies and the private sector, and coordinate the city’s efforts on blockchain innovation.
Rendon said he was honored to take on the role, calling it “a historic moment for New York City.” He also clarified that the new office aims to keep things safe and contained while helping people understand and benefit from new technology.
According to the same executive order, this new office will focus on four main goals:
- Develop a plan to make New York the go-to place for digital assets and blockchain innovation.
- Help us create policies and laws to ensure these new technologies are used responsibly.
- Work closely with the Office of Technology and Innovation (OTI) and the New York City Economic Development Corporation (EDC).
- We will launch several public education campaigns to help residents manage their digital assets and protect themselves from scammers.
In addition, officials say the agency will also work hard to open up more economic opportunities for those who may be left behind, especially underbanked communities, and to build public confidence in all of this new financial technology.
Adams, the mayor of New York, has long been one of the nation’s biggest proponents of digital asset-friendly policies. He made headlines in 2022 for receiving his first three paychecks in Bitcoin and Ethereum, earning him the nickname “Mayor of Bitcoin” in the process.
Because he technically couldn’t receive his $258,000 annual salary in digital assets, he set up a process at Coinbase that would automatically convert his three paychecks into digital assets if they were paid in U.S. dollars.
During his tenure, Mr. Adams has demonstrated his commitment to digital assets by establishing the Digital Assets Advisory Committee.
The City Council hosted the city’s first Digital Asset Summit. He also pushed for reforms to New York’s strict BitLicense program, a move seen by many in the industry as a major barrier to innovative thinking.
“Our city has always been a center of innovation, embracing the technology of today and tomorrow.” Adams said.
“The age of digital assets is here, and we have an opportunity to grow our economy, attract world-class talent, expand opportunity for underbanked communities, and make government easier to use.”
Supporters of the move say the new office will give Bitcoin and blockchain companies a single point of contact within city government that they can contact when they need help, something that didn’t exist before.