General News

New York mayor-elect will also receive salary in bitcoin

Key facts:

Eric Adams won the New York mayoral election on November 3.

In a tweet, he promised to make New York “the center of the crypto industry.”

Being a bitcoiner every day looks better for politicians. In an unexpected turn of events, the new trend among government representatives in the United States is not just to express their support for cryptocurrency, but to receive their salary in bitcoin. The new politician to join? The newly elected mayor of New York, Eric Adams.

The Democratic candidate elected mayor on November 3 joins the Miami executive, Francis Suárez, in his intention to receive payment for their services in bitcoin. However, unlike Suárez, Adams only assured that they would be his first three checks and not the entirety of his salary.

This wave was started almost as a challenge by influencer Anthony Pompliano. Source: Eric Adams.

The challenge of the BitLicense

As can be seen from the tweet, Adams is confident that New York will become “the center of the cryptocurrency industry.” The intention of competing against Miami in this objective had already been raised in recent days by the Democrat, even proposing to replicate initiatives such as MIamiCoin in the New York city.

The truth is that New York had already been that center of the industry for Bitcoin in the past. In the early years of cryptocurrency, the city served as the home for the first business initiatives that arose around what was by then just a libertarian experiment. But everything changed when regulators attacked.

The introduction of the so-called BitLicense in New York, a prohibitive regulation that raised compliance costs to levels unmanageable for the nascent industry, produced a massive exodus of companies in 2015. Since then, the iconic financial center has become a single territory. accessible to those with enough money to afford it. In five years, that is, by 2020, only 25 companies had managed to obtain the license. And although the New York Department of Financial Services had consulted the public about changes to this regulation, a year has passed and nothing has changed about it.

But it all seems that the new Democratic mayor wants to face what has been a huge obstacle to the industry. Adams assured that he will address “what is preventing the growth of bitcoin and cryptocurrencies in our city.” And as can be read in the response tweets to the announcement about his salary, The modification of the BitLicense is a matter of urgency for the bitcoiners residents of the city.

About the author

Donna Miller

Donna is one of the oldest contributors of Gruntstuff and she has a unique perspective with regards to Science which makes her write news from the Science field. She aims to empower the readers with the delivery of apt factual analysis of various news pieces from Science. Donna has 3.5 years of experience in news-based content creation, and she is now an expert at it. She loves journalism, and that is the reason, she moved from a web content writer to a News writer, and she is loving it. She is a fun-loving woman who has very good connections with every team member. She makes the working environment cheerful which improves the team’s work productivity.

Add Comment

Click here to post a comment