Eric Adams promotes “NYC Token” as copycat tokens flood the market

Former New York City mayor Eric Adams on Monday endorsed a cryptocurrency called “NYC Token” during a press conference in Times Square, saying the project aims to combat “antisemitism and anti-Americanism” while educating children about blockchain technology. Adams said he is not taking a salary from the initiative at this stage, though that could change later, and that a substantial portion of the funds raised would go to nonprofits, historically Black colleges and universities, and scholarships for underserved New York City students.

The token has not yet officially launched and little information is available, prompting a wave of copycat tokens to appear on meme coin launchpads such as Pump.fun, many borrowing the logo and “NYC” ticker symbol Adams displayed. Known for taking his first three mayoral paychecks in Bitcoin and Ethereum in 2022 and earning the nickname “Bitcoin mayor,” Adams signaled he will maintain close ties to the crypto space as he transitions back to private life. Democratic Socialist Zohran Mamdani was sworn in as New York City’s mayor two weeks ago.

Adams’ move echoes the debut of President Donald Trump’s meme coin ahead of his inauguration last year, renewing concerns over potential conflicts of interest. As a crypto market structure bill approaches a key markup vote, several U.S. lawmakers are calling for stronger ethics rules to prevent public officials from profiting from crypto-related ties.