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United States billionaire investor Bill Ackman has urged the New York legislators to ease its strict crypto regulations to foster innovation in the state. The founder of Perishing Square Capital revealed in a tweet pointing to New York City Mayor and the State’s Governor that New York must do something right away to prevent Yorkers from leaving the state for other crypto-friendlier states.
Crypto regulation has been one of the most debatable topics in the crypto space for the past few years, with regulators yearning to impose restrictions to protect investors and businesses. Many countries have adopted AML rules and Travel Rules in a bid to curb illegal activities happening in the sector.
Presently, New York is one of the strictest states in the U.S. regarding using cryptocurrencies. As a result, many crypto firms have refrained from offering their services in the state. Crypto platforms that once operated in the state have also left the jurisdiction for other states with less strict crypto laws.
Ackman believes that these strict laws are barriers to blockchain development and innovation in the state. Therefore, he implores lawmakers for these barriers to be removed to clear the path for growth and development.
The State of Crypto Innovation in New York
Compared to other states like Florida, New York is pretty backwards when it comes to acknowledging the power of cryptocurrency. Mayor Eric Adams has been vocal about cryptocurrency and stated that crypto is the future on numerous occasions. In 2021, the newly elected Mayor Eric Adams revealed that he would receive his first paycheck in Bitcoin, which he eventually did.
He further said he would purchase more bitcoin and ether with subsequent paychecks received this year. Earlier this year, he shared his thoughts about the declining nature of Bitcoin and advised everyone to buy the dip against the future rise.
New Yorkers have touted eric Adams as the man that can drive crypto innovation in the state with its policies. Already, the Mayor is considering some propositions, including enabling small businesses to transact in digital currencies. Eric Adams made this known during an interview with CNN last year.
New York Considers Launching its Digital Currency
Like Miami, New York City is unveiled its crypto NYCCoin. In addition, it is planning to create a crypto space for miners and businesses. Presently, the City has begun mining NYCCoin.
Yorkers hope that Adams will introduce more meaningful crypto-friendly policies that will drive innovation instead of acting as a barrier. New York can become a central crypto hub for businesses in due time.
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