NYC Mayor Eric Adams Calls for the End of NYDFS' BitLicense, Proposes 'BitBond'
NYC Mayor Eric Adams called for the abolition of the New York Department of Financial Services BitLicense to entice crypto firms back to the city in a Bitcoin 2025 keynote. He proposed a “BitBond” municipal bond backed by bitcoin to raise capital with tax advantages, which would allocate 90% of proceeds to government funding and 10% to Bitcoin purchases. It would pay holders 1% annual interest for 10 years plus 100% of Bitcoin's upside up to a 4.5% compounded return, with residual gains seeding a city Bitcoin reserve.