ANALYSIS: City Crypto Coins Are Becoming the Mayor’s New Clothes

New York Mayor-elect Eric Adams has made headlines by declaring his support for a New York City cryptocurrency, emulating the MiamiCoin that Miami Mayor Francis Suarez has been promoting since August. These endorsements are a new development in the evolution of cryptocurrencies, and an apparent milestone in government acceptance of them.

The idea that a mayor who governs a major crypto business hub and “gets it” should back a city cryptocurrency is having a moment. But, having watched the rise and fall of crypto trends for more than a handful of years, I can’t help finding this moment to be ...