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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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New York City Mayor Eric Adams calls for the abolition of BitLicense and seeks the return of the encryption community.
Gate News bot news, New York City Mayor Eric Adams continued to urge the crypto assets community to return to New York on Wednesday, calling for the establishment of Bitcoin bonds in the city and the elimination of the controversial BitLicense requirement.
"New York is the Empire State. We do not destroy empires - we create empires. We now call upon you: come home," he said during the Bitcoin 2025 conference, "You have a Crypto Assets mayor, a Bitcoin mayor, and I want you to come back to New York, where you will not be attacked or criminally convicted. Let's abolish BitLicense and let Bitcoin flow freely in our city."
This speech was delivered a week after Adams hosted the first New York Crypto Assets Summit, where he announced the establishment of a Digital Assets Advisory Council aimed at bringing jobs and investment to New York City.
It is reported that the BitLicense was introduced in 2015 and is a legal requirement for cryptocurrency trading businesses in the state of New York. The purpose of establishing the Bitcoin license is to regulate the industry and protect consumers from fraud. Companies applying must meet strict compliance standards, with fees starting at approximately $5,000 and potentially exceeding $100,000.
Source: Decrypt