New York's BitLicense Faces Criticism at Crypto Summit

According to PANews, during New York City's inaugural crypto summit on May 20, attendees urged Mayor Eric Adams to abolish the BitLicense system, criticized as a 'crypto business ban.' Mayor Adams acknowledged the unfair treatment of crypto entrepreneurs and reiterated his commitment to making New York a 'global crypto capital.' Participants proposed the creation of a regulatory sandbox and suggested transforming New York into a 'crypto safe haven.' Galaxy CEO Mike Novogratz also called on the state legislature to advance supportive legislation to foster industry growth.