New York City Mayor Eric Adams stated that he will ensure the issuance of Bitcoin bonds in the city and once again called for the abolition of New York State's BitLicense program.
At the Bitcoin 2025 conference, Adams pledged to support and promote the creation of municipal bonds backed by Bitcoin (BTC).
"We have financial instruments for all other bonds. You can have tax-exempt bonds and other bonds. It is time to have a financial instrument designed specifically for Bitcoin holders in the history of this city," he said.
"I believe we need a Bitcoin bond, and I will push for and advocate for the issuance of Bitcoin bonds in New York so that you can make the same bond investments in New York City."
Adams did not disclose the specific operational mechanism of the Bitcoin bonds; however, a policy brief released by the advocacy organization Bitcoin Policy Institute on March 31 proposed a model where holders would receive a 1% annual interest rate over 10 years.
According to the Bitcoin Policy Institute's bond policy brief, when the bonds mature, holders will also receive a certain percentage of the appreciation in the Bitcoin market. Meanwhile, 90% of the funds raised through the bonds will be used for government spending, and 10% will be used to purchase Bitcoin.
Adams also called for the abolition of New York State's BitLicense program, which was launched in 2015 and requires cryptocurrency businesses to apply for a license from the New York Department of Financial Services and meet strict compliance standards.
The BitLicense program has faced criticism from the industry, and Adams pointed out that the measure is too costly, with expensive licensing fees and overly stringent anti-money laundering and know-your-customer measures.
"You have a mayor, a cryptocurrency mayor, a Bitcoin mayor, and I want you to come back to New York City, where you will not be attacked and seen as criminals," he said.
"Let's get rid of the Bitcoin license and allow Bitcoin to flow freely in our city."
USDC stablecoin issuer Circle is one of the first cryptocurrency companies to obtain a BitLicense; other companies, including cryptocurrency exchange Coinbase and trading firm Bakkt, have since received licenses.
Adams has been actively promoting the attraction of cryptocurrency companies to New York City. As part of his latest initiative, Adams announced on May 20 at the first New York City Cryptocurrency Summit that he is forming a digital advisory council to attract job opportunities and investment.
At the same time, on May 12, Adams announced that financial services company Figure and private equity firm Traction and Scale will assist the city in cryptocurrency-related work.
Related: Top bulls say Bitcoin (BTC) price will reach $130,000 or even $1.5 million
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