PANews reported on May 13 that New York City Mayor Eric Adams announced on Monday the inaugural New York Crypto Summit to be held on May 20, vowing to make New York the "global cryptocurrency capital." At a press conference, Adams stated that blockchain technology can provide inclusive financial services to communities outside the traditional financial system, and New York is becoming the most important crypto innovation center outside of Silicon Valley. The summit aims to create a platform for dialogue between government and business, bringing together industry leaders to discuss the application of digital assets in economic development and public services. Adams emphasized that New York focuses on the long-term value of blockchain technology rather than short-term hype, advocating for a regulatory framework that protects investors without stifling innovation. Adams stressed that the city is committed to cryptocurrencies in the long term and is not interested in fleeting trends like meme coins. While the crypto industry believes widespread adoption is inevitable, he emphasized the need for balanced regulation that is strong enough to protect investors but not so strict as to hinder innovation and growth. He said, "Our state should embrace a crypto and blockchain-friendly environment like New York City. Proper regulation can ensure safety, but over-regulation could harm the industry—we don't want that to happen."