Briefly
- Eric Adams, New York Metropolis’s former mayor, backed a cryptocurrency
- The token, known as NYC Token, was billed as a “commemorative asset.”
- Adams was a supporter of the crypto business in workplace.
Eric Adams, the not too long ago departed former mayor of New York Metropolis, endorsed a cryptocurrency known as “NYC Token” on Monday throughout a press convention held in Instances Sq..
Wrapped in a Fendi scarf underneath a protracted blue coat, the crypto-friendly politician additionally wore a baseball cap, which prompt “NYC” can be the token’s ticker image.
In a video posted to X by Josie Stratman, a reporter for the New York Each day Information, Adams stated the undertaking will deal with "antisemitism and anti-Americanism” utilizing income generated by the token, whereas additionally instructing youngsters “methods to embrace the blockchain know-how.”
Amid the Instances Sq. sideshows, Eric Adams proclaims his “NYC Token,” a crypto coin he says will combat antisemitism.
“I’m not taking a wage presently,” he stated of the but to be launched coin. “Down the road, we’ll make the willpower of doing so” pic.twitter.com/KnTTdTv6y1
— Josie Stratman (@JosieStratman) January 12, 2026
Stratman’s put up indicated that the token hasn’t debuted but, and Adams isn’t “taking a wage” associated to the initiative, however he stated {that a} determination to pay him a wage may very well be reached at a later date.
In an interview with Fox Enterprise, Adams stated on Monday that “a considerable quantity of the cash that will likely be raised” by the token will go to nonprofits, traditionally black universities, and scholarships for New York Metropolis college students from underserved communities. Through the broadcast, Fox Enterprise described the token as “NYC’s first-ever commemorative coin.”
Beforehand a supporter of digital property in workplace, Adams’ remarks recommend that he’ll proceed to have an in depth relationship with the know-how, as a re-adapts to a non-public life. Democratic Socialist Zohran Mamdani was sworn in as New York Metropolis mayor two weeks in the past.
With little details about the token obtainable on-line, copycat tokens flooded meme coin launchpads like Pump.enjoyable. Hours after Adams spoke, greater than a dozen such tokens had been buying and selling, borrowing the brand and ticker image that the previous mayor displayed.
Adams famous within the video posted by Stratman that he took his first three paychecks as mayor in Bitcoin and Ethereum in 2022, a gesture underscoring his assist of the nascent business. Some crypto advocates known as Adams the "Bitcoin mayor" for his assist of the house.
Final 12 months, Adams additionally hosted the inaugural NYC Crypto Summit, the place he unveiled an advisory council geared toward cementing the town’s management in digital property. On the time, Adams stated he was unwavering in his purpose to make “New York Metropolis the crypto capital of the globe.”
Adams additionally famous that the cryptocurrency business had been “demonized” throughout his time in workplace, which coincided with the collapse of alternate FTX and co-founder and former CEO Sam Bankman-Fried’s subsequent conviction for working a sweeping fraud scheme.
Adams was indicted on corruption expenses in late 2024, accused of accepting $100,000 in unlawful items like discounted luxurious journey. The case was dismissed with prejudice in April by a federal decide on the request of the Division of Justice underneath U.S. President Donald Trump.
Inside Adams’ displaying on Monday, there have been echoes of the president’s meme coin, which debuted not lengthy earlier than Trump’s inauguration final 12 months. The token’s debut confirmed how crypto-friendly politicians might swiftly leverage the know-how to their very own benefit.
Some onlookers heralded the debut of Trump’s meme coin as a strategy to carry crypto to the plenty, however the token has led to apprehension amongst some lawmakers, who argue that it may be used as a instrument to deprave the U.S. president.
As a crypto market construction invoice approaches a key markup vote on Thursday, Sen. Adam Schiff (D-CA), for instance, has been amongst these calling for the inclusion of ethics guidelines, which might forestall public officers from profiting on crypto ties, per Punchbowl Information.
Decrypt couldn’t instantly attain Adams for remark.
