Network reports that New York City Mayor Eric Adams announced at a press conference on May 12 that New York City will establish partnerships with financial companies as part of its encryption plan. He said Figure founder June Ou and private equity firm Traction and Scale CEO Richie Hecker will help the city advance "economic development opportunities that leverage digital assets to serve the public." "We are focusing on the long-term value of these technologies to cities and their residents, rather than chasing meme coins or trends," Adams emphasized. He reiterated: "If you work in encryption, blockchain, Web3 or financial technology, New York City is open to you."