Eric Adams, the former mayor of New York City, announced a new cryptocurrency called NYC Token on Monday in Times Square. He said the token will raise funds to fight “antisemitism and anti-Americanism” and teach children “how to embrace the blockchain technology.”
The announcement appeared in a video posted to X, where Adams wore a Fendi scarf, a long blue coat, and a cap suggesting the ticker would be NYC. He added, “I’m not taking a salary at this time.”
In an interview with Fox Business, Adams said “a substantial amount of the money that will be raised” will fund nonprofits, historically Black colleges, and scholarships for underserved New York City students. The segment described the token as a commemorative coin for the city.
Adams previously took his first three paychecks as mayor in Bitcoin and Ethereum in 2022 and hosted the inaugural NYC Crypto Summit to build an advisory council and attract crypto business. He said the industry was often misunderstood during his tenure.
Adams faced a 2024 indictment accusing him of accepting $100,000 in illegal gifts, a case later dismissed with prejudice in April at the Department of Justice’s request. Copycat tokens quickly appeared on meme-coin launchpads like Pump.fun (Ed. note: more than a dozen similar tokens traded within hours), and lawmakers, including Sen. Adam Schiff, seek ethics rules, per Punchbowl News.
