Mayor Eric Adams Fulfills Campaign Promises To Make New York A Crypto Center

New York Mayor Eric Adams wants to make his city a crypto center. (photo: Twitter @NYCMayor)

JAKARTA - Eric Adams, who was sworn in as mayor of New York City in January 2022, reportedly fulfilled a campaign promise to make the city a crypto hub, despite a drop in the price of many tokens by 2022.

According to a December 12 report from Slate, Adams said he still wants New York City to become a "cryptocurrency industry center", one of the plans he announced during mayorial elections in November 2021. The mayor of New York City reportedly changed the first of its three salaries while serving as Bitcoin and Ethereum in January and February, before the decline in the crypto market occurred.

Adams' mayor believes cryptocurrencies, blockchains, and other new technologies offer tremendous opportunities for innovation and economic growth in the long term, and he wants to see that happen here in New York, "saidruly Allon, press secretary to Adams, as quoted by Cointelegraph.

"As with all financial products, price fluctuations are a feature that is expected from the market and too remote to believe that a setback in an industry is an indication that it will not experience long-term growth," added Allon.

Slate's estimates suggest that Adams may have lost up to 60% of his crypto investments, assuming he deposited those funds, based on the prices of BTC and ETH. At the time of publication, BTC was 16,998, down more than 66% in the previous 12 months, while ETH was 1,249, down about 70% during the same period.

During Adams' tenure, the state government of New York passed a law that would apply a two-year moratorium on working evidence mining using renewable energy sources.

The NewYorkCityCoin (NYCCoin) project, which was launched in November 2021 with the support of the elected mayor at the time, has also fallen more than 93% in the last 12 months, hitting a price of around 0.0003 at the time of publication.

The collapse of crypto exchange FTX also appears to encourage state regulators and lawmakers to act, while New York Attorney General Letitia James recommends that crypto investments be banned from certain pension funds.

New York Representativepat Torres juga menulis surat pada 6 Desember yang meminta Kantor Accountitas Pemerintah AS melihat kinerja Komisi Sekuritas dan Bursa mengenai FTX.