Eric Adams, New York City’s former mayor, backed a cryptocurrency
The token, called NYC Token, was billed as a “commemorative asset.”
Adams was a supporter of the crypto industry in office.
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.
In a video posted to X by Josie Stratman, a reporter for the New York Daily News, 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.”
Amid the Times Square sideshows, Eric Adams announces his “NYC Token,” a crypto coin he says will fight antisemitism.
“I’m not taking a salary at this time,” he said of the yet to be launched coin. “Down the line, we will make the determination of doing so” pic.twitter.com/KnTTdTv6y1
Stratman’s post indicated that the token hasn’t debuted yet, and Adams isn’t “taking a salary” related to the initiative, but he said that a decision to pay him a salary could be reached at a later date.
In an interview with Fox Business, 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. During the broadcast, Fox Business described the token as “NYC’s first-ever commemorative coin.”
Previously a supporter of digital assets in office, Adams’ remarks suggest that he will continue to have a close relationship with the technology, as a re-adapts to a private life. Democratic Socialist Zohran Mamdani 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 like Pump.fun. Hours after Adams spoke, more than a dozen such tokens were trading, borrowing the logo and ticker symbol that the former mayor displayed.
A series of copycats modeled on Eric Adams’ token. Image: Decrypt/Pump.fun
Adams noted in the video posted by Stratman 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 exchange FTX and co-founder and former CEO Sam Bankman-Fried’s subsequent conviction for operating a sweeping fraud scheme.
Adams was indicted on corruption charges in late 2024, accused of accepting $100,000 in illegal gifts like discounted luxury travel. The case was dismissed with prejudice in April by a federal judge at the request of the Department of Justice under U.S. President Donald Trump.
Within Adams’ showing on Monday, there were echoes of the president’s meme coin, which debuted not long before Trump’s inauguration last year. The token’s debut showed how crypto-friendly politicians could swiftly leverage the technology to their own advantage.
Some onlookers heralded the debut of Trump’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 the U.S. president.
As a crypto market structure bill approaches a key markup vote on Thursday, Sen. Adam Schiff (D-CA), for example, has been among those calling for the inclusion of ethics rules, which would prevent public officials from profiting on crypto ties, per Punchbowl News.
Decrypt could not immediately reach Adams for comment.
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