Did the former "Bitcoin Mayor" issue a coin? Eric Adams plans to use NYC Token to combat "anti-Semitism"

Just two weeks after stepping down as New York City Mayor, Eric Adams made a high-profile announcement on Monday in Times Square to launch a cryptocurrency project called “NYC Token.” Known as the “Bitcoin Mayor,” this politician claimed that the profits generated from the token would be used to combat “anti-Semitism” and “anti-Americanism,” as well as to educate children about blockchain technology.

However, the project details are extremely vague, with the official website almost blank, and dozens of imitation tokens emerging on meme coin platforms. This move is seen as another typical case of an American politician attempting to leverage cryptocurrency to expand personal influence, following Trump’s launch of political meme coins. It has also sparked ethical controversy over conflicts of interest between public officials and crypto interests. As the US crypto market regulation bill approaches a critical vote, such incidents are becoming a direct catalyst for including moral clauses in legislation.

Times Square’s Crypto Declaration: From Mayor to Project Promoter

Under the neon lights of Times Square, a surreal press conference is underway. The protagonist is Eric Adams, who recently finished his term as mayor and is known for his love of crystals and belief in ghosts. Wearing a long blue coat, a Fendi scarf, and a baseball cap embroidered with “NYC,” he showcased his new venture to a handful of reporters—a cryptocurrency called NYC Token. This scene occurred just two weeks after he left City Hall, marking a rapid transformation from public official to advocate of a private sector crypto project.

Adams painted an ambitious yet vague picture of NYC Token. He claimed that one of its core goals is to use the revenue it generates to address “anti-Americanism” and “anti-Semitism.” He also hopes to educate children on “how to embrace blockchain technology” and learn “how to run a city properly.” He drew an analogy to Walmart using blockchain to manage supply chains for transparency, suggesting city governance could benefit similarly. “By using this New York City token, we will continue to invest and make our city safer.” Adams’ statements are full of slogan-like visions but lack concrete implementation plans.

His enthusiasm for crypto is not recent. During his tenure, Adams was a vocal supporter of digital assets. In 2022, he converted his first three months’ salary into Bitcoin and Ethereum, earning him the nickname “Bitcoin Mayor.” Last year, he hosted the first New York City Crypto Summit and announced the formation of an advisory committee aimed at solidifying NYC’s leadership in digital assets, vowing to make New York the “Global Crypto Capital.” Now, the launch of NYC Token seems to be his next step in deeply integrating his personal brand with his crypto advocacy. However, the rapid shift from mayor to co-founder raises questions about his true motives.

The Vague Promises and Suspenseful Details of NYC Token

Behind the glamorous press conference, the NYC Token project itself remains shrouded in fog, with almost all key information missing or pending. Adams revealed that there are three co-founders, himself included, and clarified that Bitcoin billionaire and former “Ice Road Truckers” star Brock Pierce is not involved. As for the other two founders, Adams directed reporters to check the project website, but as of the day of the launch, it contained only two slogans and a link to its X account, with almost no substantive content. This “press first, website later” approach is particularly conspicuous in the crypto world, which values transparency and clear roadmaps.

Regarding the use of funds, Adams’ statements are equally uncertain. He told Fox Business that a “significant portion” of the funds raised through the token would go to non-profits, historically black colleges, and scholarships for underserved NYC students. He further outlined a vision of managing the token’s profits through an unnamed non-profit organization and funding groups that fight anti-Semitism. But how much exactly is “a significant portion”? How will the non-profit operate? Are there transparent audit mechanisms for fund allocation? These core questions remain unanswered at the press conference.

Key Known and Unknown Information about NYC Token

Project Claims: Use token profits to fight anti-Semitism and anti-Americanism, educate about blockchain, and improve city governance.

Co-Founders: Eric Adams (confirmed), plus two undisclosed individuals.

Official Website: Only slogans and social media links, no whitepaper, roadmap, or team info.

Token Economics: No information on total supply, distribution plan, unlock schedule, or profit mechanisms.

Founder Compensation: Adams claims he is currently unpaid but may receive compensation later based on “decisions.”

Use of Funds: Claims some profits will be donated to non-profits, HBCUs, and scholarships, but no specific ratios or mechanisms.

Market Response: Dozens of imitation tokens have appeared on platforms like Pump.fun.

Most notably, Adams’ personal interests and potential conflicts of interest with the project are under scrutiny. Facing concerns that this could be a “money-making scam,” Adams made a vague promise: “I am not taking a salary at the moment.” He then added, “But if you decide to do so later, we will disclose it.” This “not now, maybe later” stance does little to dispel doubts and instead deepens speculation about his long-term motives. Coupled with his past legal issues—being prosecuted for allegedly accepting $100,000 in illegal gifts including discounted luxury travel (later dismissed at the request of the Trump administration’s Department of Justice)—public scrutiny of his business dealings is likely to intensify.

Political Figures and Crypto Games: From Trump to Eric Adams

Adams’ launch of NYC Token is not an isolated event but a continuation and reflection of the growing trend of politicians deeply engaging in crypto. A prominent precedent is former US President Donald Trump. Just before his inauguration last year, a meme coin associated with him suddenly appeared on the market, sparking widespread attention and controversy. Adams’ move is almost identical: leveraging personal political influence to endorse a project, creating buzz in the crypto community and media before any substantial product exists.

This pattern has a dual effect. On one hand, supporters see it as a way for well-known figures like Trump and Adams to promote cryptocurrency adoption, bringing it into mainstream consciousness—“making crypto accessible to the masses.” Adams also mentioned that during his tenure, the crypto industry was “demonized,” especially after the collapse of FTX and the fraud conviction of its founder, Sam Bankman-Fried. He may believe his actions could help reverse this negative image.

On the other hand, critics and regulators are deeply concerned. They worry that crypto, especially easily manipulated meme coins or similar tokens, could become new tools for corruption among public officials. The anonymity and global circulation of tokens make illicit benefits more covert. Senators like Adam Schiff (Democrat from California) have been calling for moral clauses in the upcoming crypto market structure bill to prevent public officials from profiting from their crypto-related activities. The timely appearance of Adams’ NYC Token provides fresh arguments for such regulation.

New York City’s new mayor, democratic socialist Zohar Manda, clearly shows no interest in his predecessor’s plans. When asked whether he would buy Adams’ crypto token, Manda simply smiled and gave a one-word answer: “No.” This brief response may also indicate that NYC Token and Adams’ crypto initiatives might not receive official support or recognition in future city politics, and their development will depend entirely on private markets and community sentiment.

Market Response and Project Substance: Buzz and Bubbles

Although NYC Token has not yet been officially launched, the crypto market—especially the meme coin scene—has responded with remarkable speed and irony. Hours after Adams’ speech in Times Square, dozens of clone “NYC” tokens appeared on meme coin platforms like Pump.fun. These imitation tokens shamelessly used Adams’ logo and “NYC” code for trading, staging a typical “jump the gun” and “ride the hype” frenzy. This phenomenon reveals the current speculative nature of the crypto market, especially in meme coins: concepts outweigh substance, narratives precede products.

This immediate market reaction has also put Adams on the spot. It raises a sharp question: if NYC Token is eventually launched, how will it distinguish itself from these existing purely speculative clones? How much weight can its lofty social mission carry in an environment driven by hype and speculation? This is not only a challenge for NYC Token but also for all projects attempting to combine serious social goals with token economies: how to ensure that the token’s value is supported by its practical utility and social impact, rather than short-term speculation on the founder’s fame.

From a broader industry perspective, Adams’ actions exemplify the “political token” phenomenon. These projects’ core value is not technological innovation or business model breakthroughs but their close association with politicians and political issues. They leverage the low barrier, global reach, and high attention of crypto to quickly monetize political influence into market attention and potential funding. However, the risks are also evident: the fate of such projects is tightly linked to the reputation and fortunes of specific political figures, lacking an independent intrinsic value base; they are highly susceptible to conflicts of interest and regulatory scrutiny. For ordinary investors, participating in such projects is more akin to betting on the future influence of the political figure behind them rather than investing in a technology or business model, with high and difficult-to-quantify risks.

Further Reading: What is NYC Token

According to former NYC Mayor Eric Adams’ description at the launch, NYC Token is a project aimed at supporting specific social causes through crypto profits. Currently, official information about the project is minimal. The website (nyctoken.io) only displays slogans and social media links.

Core Claims: The project states its mission is to use the income generated by the token to fight anti-Semitism and anti-Americanism, provide scholarships for NYC students, support HBCUs, and promote blockchain education. Its vision is to make NYC a model city for blockchain-driven governance.

Known and Major Unknowns:

• Token Symbol: Expected to be “NYC.”
• Founders: Eric Adams is confirmed as a co-founder; two others are unnamed.
• Official Website: Only slogans and social media links, no whitepaper, roadmap, or team info.
• Token Economics: No details on total supply, distribution, unlock schedule, or profit mechanisms.
• Roadmap: No development stages or product launch plans announced.
• Legal Structure: Plans to manage part of the proceeds through a yet-to-be-established US non-profit organization.

Overall, NYC Token remains at a concept stage endorsed by a politician, lacking the technical, financial, and governance details necessary for a credible crypto project. Investors and observers should wait for more substantial disclosures before further evaluation.