New York City Mayor Eric Adams says he will create a digital advisory council 
to attract jobs and investment to the Big Apple and position it as the &#8220;crypto 
capital of the globe.&#8221;
&#8220;This is not about chasing memes or trends,&#8221; Adams told the inaugural New York 
City Crypto Summit on May 20. &#8220;We want to use the technology of tomorrow to 
better serve New Yorkers today.&#8221;
&#8220;We have experts right here, and they are going to help us navigate solutions 
that serve our city,&#8221; he added. &#8220;The age of tokenization, which includes 
crypto and blockchain and other fintech innovations, that age is here, and 
we&#8217;re going to continue to move forward with it.&#8221;
Adams didn&#8217;t share further details on the advisory group, but said a council 
chair and key policy recommendations would follow in the next few weeks.
&gt; We&#8217;re taking the next step in becoming the Crypto Capitol of the WORLD, 
&gt; hosting our city&#8217;s first-ever Crypto and Digital Assets Summit! Join us LIVE 
&gt; as we get started: https://t.co/iwO6ThkaSB 
&gt; 
&gt; &#8212; Mayor Eric Adams (@NYCMayor) May 20, 2025
On May 12, Adams announced financial services company Figure and private 
equity firms Traction and Scale would be assisting the city in its crypto 
efforts.
New York City will also be exploring whether certain services and taxes can be 
paid via crypto, according to Adams, along with using blockchain tech to 
manage sensitive information such as birth certificates and death records.
&#8220;Bringing blockchain security capabilities to the city means that birth 
certificates and death records can remain private but accessible to New 
Yorkers and their next of kin,&#8221; Adams said.
&#8220;We want to bring jobs of the future to our city today. That means supporting 
the development of a more diverse, equitable, inclusive tech ecosystem. We 
must embrace this emerging technology and build on the success of our 
economy,&#8221; he added.
## Crypto legislation proposed in New York
New York State lawmakers have already introduced several bills to regulate 
crypto. In April, Assemblyman Clyde Vanel introduced a bill to amend the 
state&#8217;s financial law to allow New York State agencies to accept crypto as 
payment.
However, the legislation is yet to reach the state&#8217;s full House or Senate.
New York state Senator James Sanders Jr proposed the Blockchain Study Act in 
February, which would create a crypto task force to investigate the current 
state of crypto in the State. It has yet to advance past the House.
_**Related:**__**Wintermute opens New York office, citing improved US crypto 
rules**_
Adams made digital assets a large part of his policy platform after assuming 
office in January 2022, when he announced plans to accept his first three 
paychecks in Bitcoin (BTC).
He was indicted on corruption charges over alleged illegal donations from the 
Turkish government, but Justice Department officials stepped in and directed 
local authorities to intervene. The case was dismissed with prejudice on April 
2, meaning it can&#8217;t be reopened.
An increasing number of US states are also working on crypto-related 
legislation, with at least 18 considering bills to establish a strategic 
Bitcoin Reserve. Two states, New Hampshire and Arizona, have successfully 
passed the legislation, according to Bitcoin Reserve Monitor.
_**Magazine:**__**Crypto City: Guide to New York**_

NYC Mayor Eric Adams launches crypto advisory council

Robert Kiyosaki warns the U.S. credit downgrade could ignite economic 
collapse, making bitcoin, gold, and silver essential shields against a failing 
financial system. Robert Kiyosaki Recommends &#8216;Saving Real Gold and Silver and 
Today Bitcoin&#8217; Robert Kiyosaki, author of the best-selling book Rich Dad Poor 
Dad, has weighed in on the recent downgrade of U.S. debt […]

Robert Kiyosaki Warns Moody’s Downgrade May Ignite 1929-Style Meltdown

The US Securities and Exchange Commission has charged crypto platform Unicoin 
and three of its executives, alleging they made false and misleading 
statements about its crypto assets that raised $100 million from investors.
The SEC said on May 20 that it charged Unicoin CEO Alex Konanykhin, board 
member Silvina Moschini, and former investment chief Alex Dominguez with 
misleading investors about certificates that conveyed rights to receive 
Unicoin tokens and stock.
Mark Cave, associate director in the SEC&#8217;s Division of Enforcement, claimed 
the trio &#8220;exploited thousands of investors with fictitious promises that its 
tokens, when issued, would be backed by real-world assets including an 
international portfolio of valuable real estate holdings.&#8221;
_**Related:**__**SEC crypto task force to release first report &#8216;in the next 
few months&#8217;**_
&#8220;The real estate assets were worth a mere fraction of what the company 
claimed, and the majority of the company&#8217;s sales of rights certificates were 
illusory,&#8221; Cave added.
The SEC&#8217;s complaint, filed in a Manhattan federal court, charged Unicoin and 
the three executives with various securities laws violations and asks for 
permanent injunctive relief, along with paying back the allegedly ill-gotten 
gains.
_**Magazine:**__**SEC &#8216;s U-turn on crypto leaves key questions unanswered**_

SEC charges Unicoin and executives for alleged $100 million fraud

Dogecoin has entered a critical phase as it consolidates below the $0.26 
resistance level, facing rising pressure after a sharp rejection last week. 
Since tagging a local high on May 10th, DOGE has dropped over 18%, retracing 
some of the gains from its impressive rally that began in early April. Bulls 
had built strong momentum following the breakout above $0.13, which marked a 
100% price surge within a month. However, recent price action suggests the 
move may be stalling. Related Reading: Ethereum Flashes Golden Cross Signal – 
Can Bulls Push ETH To $3,000? The market now watches closely to see if 
Dogecoin can defend current levels or if further downside is on the horizon. 
According to top analyst Ali Martinez, the latest rejection has opened the 
door for a possible revisit to the $0.213 level — a key zone that previously 
served as both resistance and support. This level may now act as a magnet for 
price if bullish control continues to fade. While sentiment remains cautiously 
optimistic, the next move will depend on whether bulls can reclaim momentum or 
if DOGE breaks below its local range. The coming days could define the 
trajectory of Dogecoin’s midterm trend, with volatility likely to pick up. 
Speculation Rises But DOGE Faces Crucial Test During the recent correction 
that sent shockwaves across the crypto market, meme coins like Dogecoin were 
among the most heavily affected assets. As Bitcoin and major altcoins faced 
steep retracements, DOGE experienced an aggressive pullback, shedding over 18% 
since May 10th and erasing a significant portion of its earlier gains. This 
correction disrupted the bullish structure that had formed after DOGE surged 
over 100% from early April, following a breakout above the $0.13 mark. Despite 
the drop, speculation continues to mount around Dogecoin’s potential to lead 
if the market regains momentum. Historically, DOGE has acted as a high-beta 
asset, often outperforming in euphoric phases of the cycle. With the broader 
market attempting to stabilize, some analysts view DOGE as a likely 
beneficiary if sentiment shifts bullish once again. Still, risks remain. Price 
is now hovering just above key support levels, and a failure to hold this zone 
could trigger a deeper retracement. Martinez shared a technical view 
suggesting that if current levels fail to hold, Dogecoin may want to revisit 
the $0.213 level — a critical area that previously acted as a launchpad during 
the April breakout. The coming sessions are likely to be decisive. The meme 
coin narrative could regain strength if bulls reclaim control and push DOGE 
back toward the $0.26 resistance. However, if bearish momentum builds and DOGE 
breaks lower, it would signal a continuation of the current downtrend. For 
now, all eyes remain on this pivotal support zone as Dogecoin navigates a 
high-stakes moment within the broader market’s uncertain conditions. Related 
Reading: Chainlink Struggles At Key Resistance Level – $10 Support Back In 
Focus Technical Details: Dogecoin Facing Crucial Demand Dogecoin (DOGE) is 
showing signs of weakness after failing to hold above key resistance near 
$0.26 earlier this month. The daily chart indicates that DOGE is currently 
trading at $0.221, consolidating just above the 200-day EMA ($0.219) and below 
the 200-day SMA ($0.269). This range has acted as a battleground between bulls 
and bears, with the recent candles forming tight-bodied structures, signaling 
indecision. Volume has declined notably since the early May breakout, 
suggesting a loss of momentum and trader interest. If DOGE loses the 
$0.219–$0.220 support zone, the next logical support level sits near $0.213, 
aligning with analyst concerns of a potential retest of that level. A 
breakdown below this area could trigger further downside pressure toward the 
$0.19 zone. Related Reading: XRP Flashes Bullish Signal – Technical Indicator 
Hints At Imminent Rebound On the upside, reclaiming the 200-day SMA at $0.269 
would be a significant bullish signal, as it would place DOGE back above long- 
term resistance. However, the current trend favors a cautious stance, 
especially amid broader market uncertainty and weakened sentiment across 
altcoins. Overall, the chart reflects a pause in bullish momentum and rising 
risk of a deeper retrace unless DOGE regains strength above key moving 
averages. The next few days could determine whether consolidation holds or 
turns into a full correction. Featured image from Dall-E, chart from 
TradingView

Dogecoin Momentum Fades – Analyst Expects $0.213 Retest

Vivek Ramaswamy&#8217;s Strive is looking to build its Bitcoin holdings by 
purchasing distressed Bitcoin claims at a discount, starting with claims tied 
to 75,000 Bitcoin at the bankrupt crypto exchange Mt. Gox.
Strive said in a May 20 regulatory filing that it partnered with 117 Castell 
Advisory Group LLC to target claims to Bitcoin (BTC) that have received 
definitive legal rulings but are still awaiting distribution.
The company said buying the claims would allow it to purchase Bitcoin at a 
discount and grow its Bitcoin per share ratio ahead of its planned reverse 
merger with Asset Entities &#8212; which is expected to be completed sometime mid 
this year.
Strive hasn&#8217;t disclosed any Bitcoin holdings but claims it will face fewer 
restrictions on purchasing Bitcoin than companies going public through Special 
Purpose Acquisition Company mergers. 
_Advantages of going public via a reverse merger compared with a SPAC merger. 
Source:__Strive_
Strive said it would need shareholder approval to pursue Mt. Gox claims. The 
company said it intends to lodge a filing with the Securities and Exchange 
Commission to outline the full terms of the proposed transaction. A proxy 
statement would then be sent to shareholders to seek their approval.
Strive would need to obtain shareholder approval relatively soon, as Mt. Gox 
is expected to fully repay its creditors by Oct. 31.
The Japan-based Mt. Gox was the largest Bitcoin exchange before it collapsed 
in 2014 from a security breach that resulted in the theft of approximately 
750,000 Bitcoin.
Strive&#8217;s pivot to become a Bitcoin treasury company reflects a broader 
industry trend as more firms look to hold Bitcoin on their balance sheets as a 
long-term strategic asset.
_**Related:**__**Bitcoin ETFs bought 6x more than BTC miners produced last 
week**_
Twenty One Capital is another newly launched Bitcoin treasury firm that has 
received backing from the likes of Tether, SoftBank and Cantor Fitzgerald. The 
Jack Mallers-led firm plans to launch with 42,000 Bitcoin once it completes a 
blank-check merger with Cantor Equity Partners.
## Asset Entities shares rise again on Mt. Gox plans
Asset Entities (ASST), a social media marketing company that Strive announced 
it would merge with on May 7 to create a Bitcoin investment company, has seen 
its shares close May 20 trading up 18.2% to $7.74, Google Finance data shows.
The latest share price bump brings its market cap to $122.1 million, and ASST 
is now up 1,170% since Strive announced its merger plan.
Strive is expected to own 94.2% of the combined entity once the reverse merger 
is complete, while Asset Entities will hold the remaining 5.8%.
The merged companies will be named Strive and Asset Entities, and will still 
trade under the ASST ticker.
_**Magazine:**__**Danger signs for Bitcoin as retail abandons it to 
institutions: Sky Wee**_

Cryptocurrency price in USD