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Attendees At First New York City Crypto Summit Implore Mayor Adams To End The BitLicense
- Attendees at the first New York City Crypto Summit urged Mayor Adams to end the BitLicense, citing it as a barrier to crypto innovation in the city.
- The summit, held at Gracie Mansion, gathered key figures from the crypto industry to discuss challenges and solutions in New York.
- Mayor Adams empathized with the attendees, acknowledging past persecutions and expressing his desire to make NYC a crypto hub.
- The requirement for a BitLicense in New York makes it difficult and expensive for startups to operate in the state.
- Suggestions included creating a regulatory sandbox or making NYC a sanctuary city from the BitLicense to promote crypto growth.
- Galaxy CEO Mike Novogratz emphasized the need for favorable crypto legislation in New York to foster industry growth.
- Attendees also proposed innovative crypto applications, financial services for unbanked residents, and blockchain education in schools.
- Mayor Adams called for collaboration with industry experts to navigate crypto regulations and create a more welcoming environment.
- The event highlighted the need for proactive steps to make NYC a welcoming place for crypto companies, signaling a potential shift in regulatory approach.
- Overall, the summit showcased a shared goal of promoting crypto innovation in New York and overcoming regulatory challenges like the BitLicense.
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