PANews reported on May 21 that according to Bitcoin Magazine, at the first crypto summit in New York City on May 20, many participants called on Mayor Eric Adams to end the BitLicense system, which has been criticized as a "crypto enterprise ban." Adams admitted that crypto entrepreneurs have been treated unfairly and reiterated that New York will be built into the "global crypto capital." Attendees suggested setting up a regulatory sandbox and even building New York into a "crypto haven." Galaxy CEO Novogratz also called on the state legislature to advance supportive legislation to promote industry development.