Former New York City mayor Eric Adams stepped into Times Square on Monday to unveil a new cryptocurrency initiative he’s calling “NYC Token,” saying proceeds will be directed toward fighting “antisemitism and anti‑Americanism” and funding education programs that teach children about blockchain. At a press event captured in a video posted to X by New York Daily News reporter Josie Stratman, Adams — wrapped in a Fendi scarf and long blue coat and wearing a baseball cap that hinted the token’s ticker would be “NYC” — described the project as a civic-minded crypto effort. “I’m not taking a salary at this time,” he said about the still‑to‑be‑launched coin, adding that compensation could be considered later. Stratman’s post noted the token has not yet debuted. In an interview with Fox Business the same day, Adams said “a substantial amount of the money that will be raised” will go to nonprofits, historically Black colleges and universities, and scholarships for underserved New York City students. Fox Business called the asset “NYC’s first‑ever commemorative coin,” and Adams framed the project as both a fundraising vehicle and an educational tool. Adams’ crypto pitch echoes his time in office. He famously took his first three mayoral paychecks in Bitcoin and Ethereum in 2022 and hosted the inaugural NYC Crypto Summit, creating an advisory council to promote New York as a global crypto hub. Those moves earned him the nickname “the Bitcoin mayor” among some industry supporters. But the unveiling also exposed immediate market realities: with limited official information online, dozens of lookalike tokens appeared on meme‑coin launchpads such as Pump.fun within hours, many borrowing the logo and the “NYC” ticker Adams displayed. The scramble highlights how quickly political branding can be cloned in crypto markets. Adams’ announcement arrives against a complicated backdrop for digital‑asset politics. His mayoralty coincided with the fallout from the FTX collapse and the conviction of co‑founder Sam Bankman‑Fried, events that intensified scrutiny of the industry. Adams himself was indicted on corruption charges in late 2024 over alleged illegal gifts; that case was dismissed with prejudice in April at the Department of Justice’s request. The Times Square rollout also recalls the emergence of President Donald Trump’s meme coin last year, underscoring how crypto can be repurposed for political or personal initiatives — and why some lawmakers want tighter ethics protections. As a crypto market structure bill nears a major markup, critics including Sen. Adam Schiff (D‑Calif.) have argued for rules that would bar public officials from profiting from crypto ties, according to Punchbowl News. Decrypt attempted to reach Adams for comment but was unable to do so immediately. Read more AI-generated news on: undefined/news

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