Eric Adams launched the NYC Token to support social causes, but it quickly faced scrutiny after a wallet linked to the project withdrew $2.5 million in liquidity just as the token peaked. The token's market cap plummeted from $600 million to under $110 million, raising concerns over centralized control and transparency.

Mayor Eric Adams has called for the elimination of New York's BitLicense in an effort to attract crypto businesses back to the city during his speech at Bitcoin 2025 in Las Vegas. He also proposed the creation of a BitBond, a municipal bond backed by bitcoin, aimed at raising capital and providing tax benefits for residents.