Crypto Advisory Board Established in New York City

NEW YORK — The city of New York is forming a digital assets advisory council aimed at fostering fintech employment within the city, as announced by Mayor Eric Adams on Tuesday.

At the outset of a summit held at his official residence, Gracie Mansion, Mayor Adams emphasized that New York City is welcoming businesses. The council will include representatives from the financial technology sector, and a chairperson will be appointed shortly.

In his remarks, Adams expressed a desire to leverage future technologies to enhance services for New Yorkers. He highlighted the expertise available within the city, stating that these professionals will assist in finding effective solutions for urban challenges.

The summit featured a public press conference, followed by private discussions. It involved participants from various family offices and successful startups, according to Richard Hecker from Traction and Scale, a logistics company associated with the summit.

In addition to business initiatives, the city plans to explore the implementation of blockchain technology for managing birth and death records, simplifying access for relatives of New Yorkers, as mentioned by Adams.

Andrew Durgee, co-CEO of Republic, a firm that provides financial backing to startups, remarked that his company chose to stay in New York despite regulatory concerns and other pressures that prompted some firms to relocate abroad.

Durgee noted, “For the first time in 15 years, we’re in an unpredictable situation. Now, many talented individuals are returning to the U.S. and searching for new opportunities.”