With U.S. cities such as Miami and Austin trying to court digital asset companies, John Wu was unsure whether to make New York City the permanent home of his cryptocurrency and blockchain start-up Ava Labs - until Eric Adams was elected mayor in November.
Still, Wu and other cryptocurrency executives said the mayor's friendly stance could draw digital asset start-ups keen to assert their legitimacy alongside traditional Wall Street companies and to tap the financial hub's deep talent pool and investor base. During his campaign, Adams expressed interest in developing a digital wallet for city employees and recipients of public benefits. Following his election, he pledged to take his first three paychecks in bitcoin and suggested that New York schools teach courses on cryptocurrency and blockchain technology.
New York Attorney General Letitia James has shut down crypto lending platforms, saying they must register with her office just like other lending platforms operating in the state or offering products to New Yorkers.
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