NYC mayor lays out crypto plans as city residents vote in Democratic primary

New York City Mayor Eric Adams criticized Democratic mayoral candidate and former Governor Andrew Cuomo as residents prepared to vote in the party’s primary election.Speaking at the Permissionless conference in Brooklyn on Tuesday, Adams said that under Cuomo’s governorship, New York State “dismantled and destroyed the industry,” describing the former governor’s actions as “wrong” and “misguided” on digital assets. The mayor, running for reelection as an independent candidate, said he planned to set up a city council to advocate for crypto policies in state government, and “build out the pipeline” to pay for city services using crypto and by introducing digital asset education in schools.“I think in the first 120 days, the number of bills that went through the federal level to deal with this issue is extremely impressive,” said Adams, likely referring to the Congress moving forward on legislation to regulate payment stablecoins and crypto market structure. “And now you’re seeing cities picking up, and states picking up the same energy.”The mayor’s remarks came as Cuomo faces off against other Democratic candidates in what is expected to be a contentious primary on Tuesday. The former governor faced allegations of sexual misconduct while in office and resigned in 2021 amid an impeachment investigation. However, several polls showed Cuomo leading by double digits ahead of the next frontrunner, Democratic candidate Zohran Mamdani.‘Pro-crypto’ mayor under scrutinyAdams, known in the crypto industry for announcing that he planned to accept his first three paychecks in Bitcoin as the mayor of New York City, said he was still holding the funds. He will likely face off against Republican candidate Curtis Sliwa — who also ran on crypto policies in a 2021 race against Adams — the winners of the Democratic primary, and others in November.In addition to the council and education-focused policies, Adams has been pushing for New York City to establish a Bitcoin-backed municipal bond. Comptroller Brad Lander called the proposed plan “legally dubious and fiscally irresponsible,” but the mayor suggested at Permissionless that he was exploring a way to “circumvent” the opposition.The mayor has had his own legal challenges while in office. He had been facing corruption charges over alleged illegal donations from the Turkish government. Justice Department officials appointed by US President Donald Trump stepped in and directed local authorities to intervene, resulting in resignations and allegations of politically motivated actions.