New York City Launches First-Ever Mayoral Office Of Digital Assets And Blockchain

New York, one of the most important states in the USA, is warming up to regulate cryptocurrencies and digital assets.

An office dedicated to blockchain and digital assets was established by an executive order issued by New York City Mayor Eric Adams, which made it the “first-ever mayoral office of its kind in the nation.”

The executive order signed on Tuesday stated that the new agency will promote the proper use of blockchain technology and digital assets. 

Moises Rendon, who has been working on digital assets for the city for more than a year, will be in charge of the office.

Eric Adam’s Statement

“Our city has always been the centre of innovation, and we’re embracing the technologies of tomorrow today,” Adams said in a statement. 

He added, “The age of digital assets is here, and with it comes the chance to grow our economy, attract world-class talent, expand opportunities for underbanked communities, and make government more user-friendly.”

Also Read: New York Resident Iurii Gugnin Indicted For Crypto Laundering Over $500M Through U.S. Banks

Working with the federal and state governments, the Office of Digital Assets and Blockchain will try to coordinate efforts between the government and the cryptocurrency industry. 

Adam stated that the step is to promote laws that will make New York City more “welcoming to blockchain and crypto initiatives that add value and comply with laws and regulations.” 

In order to maintain the city’s competitiveness in financial innovation, the office will also try to draw in talent.

Adams’ tenure expires at the end of the year. He withdrew from the mayoral contest last month, mostly due to media speculation and campaign financing issues.

Crypto regulations in the USA

Additionally, a plan to tax the power used by Bitcoin mining companies operating in the state was submitted by Senator Liz Krueger of New York State in Albany.

Letitia James, the attorney general of New York, has urged Congress to strengthen two important stablecoin measures, arguing that they endanger investors.

Before proceeding, she wanted Congress to include digital identification checks, FDIC insurance, and bank-style monitoring.

After Donald Trump took office earlier this year, the United States has been one of the most crypto-friendly jurisdictions in the world. 

Several states like Texas, California and many more, have come up with their own Bitcoin reserve programs, and several other states are following suit. 

The prime motive behind these regulations is not just to facilitate the growth of business in the country, but also to closely monitor activities by individuals and businesses. How these changes turn out will depend on how the rules are implemented.

Also Read: New York Authorities Recover $440,000 in Cryptocurrency from Facebook Crypto Investment Ads Scammers