In a recent public appearance at Times Square, Eric Adams, the former mayor of New York City, announced his foray into the world of cryptocurrency with the launch of The NYC Token. This venture marks a transition for Adams, as he takes on the role of a crypto salesman just days after leaving his mayoral position. His enthusiasm for cryptocurrency has been evident throughout his tenure, making this announcement somewhat predictable.
During the press conference, Adams hinted at having significant financial backing for his new venture, although he did not disclose the identities of these investors, stating, “It’s all on the website.” However, a quick check of the token’s website revealed a lack of detailed information regarding the backers of the project. The site does indicate that the unnamed “team” associated with the coin will receive 10% of the profits generated.
This lack of transparency raises concerns about the adherence to city ethics rules, particularly since former city employees are prohibited from engaging with city government for a year after leaving office on matters they previously participated in while in public service. The clarity on whether Adams is complying with these rules will depend significantly on whether he can provide details about his financial backers.
Adams specifically stated that he is not currently drawing a salary from The NYC Token initiative, but did leave the door open for future compensation, saying, “down the line we will make a determination on doing so.” He hinted at further business ventures, mentioning plans to “set up some companies in the near future” and suggesting he has “several business partners on an international level” without naming any of them.
Promoting The NYC Token, Adams described the crypto coin as poised to represent “the future of decentralized finance, powered by the city that never sleeps.” Accompanying this claim is a website featuring a smiling image of Adams, proclaiming his support for technology and proclaiming that the token is inspired by his vision to position New York City as the cryptocurrency capital of the globe.
Throughout his tenure as mayor, Adams was vocal about his support for digital currencies, famously taking his first paycheck in cryptocurrency and actively participating in various crypto-related events. His administration also endorsed several technological advancements meant to enhance city services, from utilizing robotic dogs for law enforcement to implementing safety features in schools.
Adams wrapped up his time in office with a whirlwind of taxpayer-funded travel, visiting countries including Albania, Israel, and Uzbekistan. Post-mayoral life has not slowed his pace, as he recently returned from trips to Dubai and the Democratic Republic of Congo and quickly announced further travel plans to Dallas after the press conference.
The coming days will reveal how The NYC Token develops and whether Adams can substantiate his claims of support and success in the crypto landscape.
