Regulations Stymie New York in Crypto Competition vs. Miami

Photo Credit: Getty

New York City and Miami are the clear frontrunners to become the preeminent home of American cryptocurrency, and the cities’ mayors — Eric Adams of New York and Francis Suarez of Miami — are already engaged in  a friendly rivalry.

New York is clearly at a disadvantage, though, as state-level policies will stymie Mr. Adams’s quest unless officials in Albany reverse suffocating regulation and zealous prosecutions.

Both Messrs. Adams and Suarez have touted their credentials by promising to accept an increasing number of paychecks in Bitcoin — Mr. Adams remaining steadfast despite the recent market collapse that reportedly cost him $1,000. In Florida, Mr. Suarez is aided by a deregulation-minded governor.

Other governors and mayors seeking to join the crypto race would be smart to follow Florida’s lead.

Read the full article at The New York Sun.