Billionaire Bill Ackman Asks New York Lawmakers to Ease Up Crypto Rules or Lose Innovation

Bhushan Akolkar
February 10, 2022
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Bill Ackman Crypto

On Wednesday, February 9, billionaire investor Bill Ackman requested the New York officials for removing barriers to crypto innovation in the state.

New York is currently having one of the strictest jurisdictions in comparison to other states in America. As a result, most of the crypto trading platforms, DeFi protocols, etc. have refrained from operating in the state.

Bill Ackman, the founder of Pershing Square Capital Management, said “Let’s fix this right away” in a tweet reply directed to New York City Mayor Eric Adams and Governor Kathy Hochul. “We can’t lose any more New Yorkers,” said Ackman.

As reported by Bloomberg, Ackman had previously said that crypto innovation should be the “top priority”. But that tweet stands deleted as of now.

Will Eric Adams Drive New York’s Crypto Innovation

Last year, the New York cited elected Eric Adams as its Mayor who could help in bringing a sea-change in New York’s crypto landscape. The city Mayor has been quite vocal about his crypto-friendly thoughts and also sees Bitcoin as a perfect buying opportunity under $50,000.

Last month, Eric Adams also converted his first paycheck into Bitcoin and Ethereum and plans to buy more BTC and ETH with two more subsequent paychecks ahead this year.

In a bid to push crypto innovation in the city, Eric Adams is also considering a proposal wherein he will allow small businesses to accept payments in digital assets. In an interview with CNN in November 2021, Eric Adams said that their administration is currently working on this matter.

Furthermore, just like Miami, New York City is working on creating an entire crypto ecosystem, for investors, miners, and businesses alike. It has also launched its native cryptocurrency NYCCoin, the mining for which has already started.

With City Mayor Eric Adams, we are expecting New York to become a hub for crypto businesses in the coming decade.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.