Former 'Bitcoin Mayor' Eric Adams Unveils NYC Token to Combat 'Antisemitism and Anti-Americanism'

Eric Adams Champions New “NYC Token” Cryptocurrency

Eric Adams, who recently stepped down as New York City’s mayor, publicly supported a new cryptocurrency called “NYC Token” during a press event in Times Square on Monday.

Dressed in a blue overcoat and a Fendi scarf, Adams also sported a baseball cap, hinting that “NYC” would serve as the token’s symbol.

In a video shared by Josie Stratman, a journalist from the New York Daily News, Adams explained that the initiative aims to combat “antisemitism and anti-Americanism” through funds generated by the token. He also emphasized plans to educate young people about blockchain technology.

According to Stratman, the token has not yet launched, and Adams is not currently receiving any compensation for his involvement. However, he mentioned that this could change in the future.

Speaking with Fox Business, Adams stated that a significant portion of the token’s proceeds would be directed toward nonprofit organizations, historically Black colleges and universities, and scholarships for underprivileged students in New York City. Fox Business described the project as the city’s inaugural commemorative coin.

Adams, who advocated for digital assets during his time in office, appears poised to remain active in the crypto space as he transitions back to private life. Two weeks ago, Zohran Mamdani, a Democratic Socialist, was sworn in as the new mayor of New York City.

With limited official details available online, numerous imitation tokens quickly appeared on meme coin platforms such as Pump.fun. Within hours of Adams’ announcement, over a dozen copycat tokens were trading, using the same branding and ticker symbol he introduced.

In Stratman’s video, Adams recalled that he received his first three paychecks as mayor in Bitcoin and Ethereum in 2022, highlighting his early commitment to the crypto sector. His enthusiasm earned him the nickname “Bitcoin mayor” among digital asset supporters.

Last year, Adams hosted the first NYC Crypto Summit, where he introduced an advisory group to strengthen the city’s leadership in digital assets. At the event, he reiterated his ambition to make New York City a global hub for cryptocurrency.

Adams also remarked that the crypto industry faced significant criticism during his administration, a period that saw the collapse of FTX and the conviction of its co-founder, Sam Bankman-Fried, for large-scale fraud.

In late 2024, Adams was charged with corruption, accused of accepting $100,000 in illicit gifts, including luxury travel perks. The case was dismissed with prejudice in April by a federal judge at the Department of Justice’s request under President Donald Trump’s administration.

Political Implications and Industry Reactions

Adams’ recent appearance drew comparisons to the launch of a meme coin associated with the president, which debuted shortly before Trump’s inauguration last year. These developments highlight how politicians supportive of crypto can rapidly use such technologies for their own benefit.

‘Bitcoin Mayor’ Eric Adams Establishes NYC Digital Assets and Blockchain Office

While some observers praised Trump’s meme coin as a way to popularize crypto, others in government expressed concern, warning that such tokens could be exploited to influence or corrupt public officials.

As lawmakers prepare to vote on a major crypto market structure bill, Senator Adam Schiff (D-CA) has advocated for adding ethics regulations to prevent government officials from profiting through crypto connections, according to Punchbowl News.

Decrypt was unable to reach Adams for comment at the time of publication.