Mayor Adams urges the end of New York’s restrictive BitLicense.
Crypto firms back the move, citing barriers to innovation.
Final repeal lies in the hands of state lawmakers and NYDFS.
New York City Mayor Eric Adams, known for his pro-crypto stance, is now targeting one of the most controversial regulations in the digital asset space: the BitLicense. Speaking at a recent crypto industry event, Adams questioned the effectiveness of the BitLicense regime and suggested it might be time to phase it out.
The BitLicense, issued by the New York Department of Financial Services (NYDFS), has long been criticized as overly restrictive. It requires companies to secure a special license to operate with virtual currencies in New York. Many crypto startups have avoided the state entirely due to its regulatory hurdles.
BitLicense Seen as Barrier to Innovation
Adams argued that the regulation is driving businesses away and stifling innovation. “It’s stifling growth,” Adams said.
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