Former 'Bitcoin Mayor' Eric Adams Unveils NYC Token Amid Copycat Tokens and Regulatory Scrutiny

Source: CryptoNewsNet Original Title: Former ‘Bitcoin Mayor’ Eric Adams Reveals NYC Token to Fight ‘Antisemitism and Anti-Americanism’ Original Link: Eric Adams, the recently departed former mayor of New York City, endorsed a cryptocurrency called “NYC Token” on Monday during a press conference held in Times Square.

Wrapped in a Fendi scarf under a long blue coat, the crypto-friendly politician also wore a baseball cap, which suggested “NYC” would be the token’s ticker symbol.

Adams said the project will address “antisemitism and anti-Americanism” using revenue generated by the token, while also teaching children “how to embrace the blockchain technology.” He noted that he is not “taking a salary at this time,” but said that a decision to pay him a salary could be reached at a later date.

In an interview with a major financial news outlet, Adams said on Monday that “a substantial amount of the money that will be raised” by the token will go to nonprofits, historically black universities, and scholarships for New York City students from underserved communities.

Previously a supporter of digital assets in office, Adams’ remarks suggest that he will continue to have a close relationship with the technology, as he adapts to a private life. A new mayor was sworn in as New York City mayor two weeks ago.

With little information about the token available online, copycat tokens flooded meme coin launchpads. Hours after Adams spoke, more than a dozen such tokens were trading, borrowing the logo and ticker symbol that the former mayor displayed.

Adams noted that he took his first three paychecks as mayor in Bitcoin and Ethereum in 2022, a gesture underscoring his support of the nascent industry. Some crypto advocates called Adams the “Bitcoin mayor” for his support of the space.

Last year, Adams also hosted the inaugural NYC Crypto Summit, where he unveiled an advisory council aimed at cementing the city’s leadership in digital assets. At the time, Adams said he was unwavering in his goal to make “New York City the crypto capital of the globe.”

Adams also noted that the cryptocurrency industry had been “demonized” during his time in office, which coincided with the collapse of a major exchange and subsequent convictions for operating fraud schemes.

Adams was indicted on corruption charges in late 2024, accused of accepting illegal gifts. The case was dismissed with prejudice in April by a federal judge.

Within Adams’ showing on Monday, there were echoes of the president’s meme coin, which debuted not long before the president’s inauguration. The token’s debut showed how crypto-friendly politicians could swiftly leverage the technology to their own advantage.

Some onlookers heralded the debut of the president’s meme coin as a way to bring crypto to the masses, but the token has led to apprehension among some lawmakers, who argue that it can be used as a tool to corrupt officials.

As a crypto market structure bill approaches a key markup vote, some lawmakers have been calling for the inclusion of ethics rules, which would prevent public officials from profiting on crypto ties.