Adams Appoints Crypto Consultants After Case Filed

Just weeks after former President Donald Trump's Department of Justice (DOJ) dismissed a notorious corruption case against him, New York Mayor Eric Adams has appointed two prominent figures in the cryptocurrency industry as his advisers.

The move signals a renewed interest by Adams in digital finance and economic innovation as he seeks to bolster his administration after months of pressure from law enforcement.

Adams Appoints Crypto Advisors And Announces First Digital Finance Summit In NYC

During a press conference held at Gracie Mansion on 12 May, Adams hired two new advisors: June Oh, founder of blockchain company Figure, and Richie Hecker, technology investor and CEO of Traction and Scale.

The two projects will help the city understand how to use cryptocurrency, blockchain and Web3 technologies to benefit society and economic growth.

"We are focused on the long-term value of these technologies for our city and its residents, not on passing fads or memes," said Adams, adding that New York is open for business for anyone in the crypto, blockchain, Web3 or fintech industry.

Adams has always been an advocate of cryptocurrencies. After winning the mayoral election in 2022, he promised to receive his first three salaries in bitcoin.

At the time, he said, "A lot of people laughed at me, all I can say is, who's laughing now?" He added that the industry is booming, and that the number of startups in cryptocurrency and blockchain in New York has soared since then.

According to his 2023 financial report, he owned between $5,000 and $54.999 in Bitcoin, although he suggested in 2024 that the value had increased.

Two months after Donald Trump hosted a similar event at the White House, Adams also announced that the city will host its first cryptocurrency summit on 20 May. The goal is to bring together innovators, investors and policymakers to define the future of digital finance in New York.

Adams noted that, in terms of crypto innovation, New York City is beginning to pose a serious threat to Silicon Valley in California. He also emphasised the potential of blockchain technology to expand financial inclusion, particularly for communities historically excluded from traditional financial systems.

Adams's Interest In Cryptocurrencies Arrives After The Filing Of A Federal Inquiry

The announcement on the cryptocurrencies by Adams came just days after he was officially released from serious legal obligations. A federal bribery case was pending against him, which was officially dismissed last April. The charges involved alleged illegal donations received from the Turkish government, which had been under investigation for months.

To the surprise of many, however, the Justice Department closed the case, allegedly at the behest of Trump-appointed officials. The case has been dismissed 'with no possibility of reopening'.

The court documents raise questions about how the case was handled. Federal Judge Dale Ho said the filing "reeks of a deal" between Adams and federal authorities, suggesting that concessions on issues such as immigration may have influenced the decision.

Adams continues to be a controversial figure: he has always maintained that he never committed any crime and that no charges have been formally filed against him.

Trump's DOJ Files Corruption Case Against Adams

Adams met with President Donald Trump at the White House on 9 May, thanking him for his support during the 2024 election campaign. The meeting took place a few days before the announcement of the new crypto consulting team, fuelling speculation about the content of the conversation.

Some critics suspect a link between the filing of the case and the mayor's change of policy.

Adams, a lifelong Democrat, has recently come very close to Trump on several issues, notably immigration and law enforcement. He even ran as an independent, officially abandoning the Democratic Party.

The mayor denies that there were any behind-the-scenes deals, calling the meeting with Trump a mere 'political dialogue'. However, the timing has turned on the spotlight: why announce new crypto consultants right on the heels of the meeting with Trump and the filing of the case?

Asked about a possible connection between the two events, the mayor's office provided no answer.