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Republican gubernatorial candidate Bruce Blakeman vowed to repeal New York State’s BitLicense regulatory framework if elected to the top job.
“This should be the financial capital of the world,” Blakeman said of New York at a press conference at PubKey, a Greenwich Village dive bar where you can pay with cryptocurrency.
Nassau County Executive Bruce Blakeman vowed to “get rid” of BitLicense if elected governor. Steven Hirsch for NY Post
“And without crypto, it is not the financial capital of the world,” he slammed.
Introduced in 2015, BitLicense is one of the strictest and most comprehensive crypto regulatory policies in the United States — with many critics arguing it creates significant barriers for companies looking to launch and grow in New York.
If elected as New York governor, Blakeman said he would “get rid” of the strict digital currency framework.
“We’ve got to rethink how we can nurture this business and how we can have a close relationship between the private sector and the public sector on this important issue,” Blakeman said.
Firms wanting to buy or sell digital currency in New York state require the license, which can cost upwards of $10,000, making it cost-prohibitive for many startups.
New York’s BitLicense is the strictest and most comprehensive digital currency framework in the United States. REUTERS
The Nassau County Executive said prior approaches to Bitcoin and crypto treat it as the “enemy” — and slammed Governor Kathy Hochul for not understanding that she should have to work out her concerns with the digital currency.
“Unfortunately, Kathy Hochul doesn’t want to engage in any negotiation or dialogue. It’s ‘my way or the highway,’ and that’s how you chase business out of a state,” Blakeman told The Post at the digital currency-friendly bar.
Blakeman said he’d be willing to sit down with cryptocurrency businesses to work “out something that makes sense.”
Blakeman slammed Gov. Kathy Hochul for not “engaging in any negotiation or dialogue” surrounding crypto. Steven Hirsch for NY PostBlakeman said prior approaches to Bitcoin and crypto treat it as the “enemy.” Steven Hirsch for NY Post
“Having a tax on every transaction that takes place is oppressive,” the gov-hopeful added.
“It will end economic activity in the crypto space. So that’s not something that works for crypto, and it’s not going to work for government.”
Blakeman, who doesn’t currently own any cryptocurrency himself, said he hopes to invest in the digital currency one day.
“I can’t afford it because I’m a lowly public servant. So when it comes down a little bit, maybe I’ll get some crypto,” he said. “But it’s definitely something I’ve been looking at.”
While Mayor Zohran Mamdani’s position on the digital currency remains unclear, Blakeman said he will “stop” Hizzoner if he “tries to destroy the economy of New York.”
“A governor has a lot of power over the mayor and the city of New York, and I will not let him destroy the greatest city in the world and a city that is very very important to all of New York State,” Blakeman added.
