Eric Adams, who took workplace as mayor of New York Metropolis in January, reportedly backed his marketing campaign promise to make New York Metropolis a cryptocurrency hub, at the same time as the costs of many tokens fell in 2022. .
Based on Slate’s Dec. 12 report, Adams indicated that he nonetheless desires New York Metropolis to develop into “the epicenter of the cryptocurrency business.” He’s one among his plans. announced Through the November 2021 mayoral election. The mayor of New York gave the primary of his three salaries in workplace to Bitcoin (BTC) and Ether (ETH) in his January and his February earlier than the crypto market downturn. reportedly transformed.
“Mayor Adams believes that cryptocurrency, blockchain and different rising applied sciences provide nice alternatives for long-term innovation and financial progress, and he hopes that may occur right here in New York,” mentioned Mr. Adams spokesman Jonah Arron mentioned, “As with all monetary devices, worth volatility is an anticipated function of the market, indicating that the business is not going to expertise long-term progress. It’s shortsighted to imagine that
Slate’s estimates counsel that Adams might have misplaced as much as 60% of his crypto investments primarily based on BTC and ETH costs. On the time of publication, BTC was priced at $16,998, down over 66% over the previous 12 months, whereas ETH was $1,249, down about 70% over the identical interval.
Throughout Adams’ tenure, the New York state authorities handed laws implementing a two-year moratorium on proof-of-work mining. His NewYorkCityCoin (NYCCoin) challenge, launched in November 2021 with the backing of the then mayor-elect, has additionally fallen greater than 93% prior to now 12 months, reaching a worth of round $0.0003 on the time of publication. improve.
Associated: Crypto Metropolis: New York Information
The chapter of crypto change FTX seems to have spurred motion by state regulators and legislators as properly. New York State Lawyer Common Letitia James recommends banning cryptocurrency investments in sure retirement funds. Rep. Richie Torres of New York additionally wrote a letter on Dec. 6, urging the Authorities Accountability Workplace to analyze the SEC’s efficiency on FTX.