New York has long been a global financial hub, and now has the potential to become a leader in blockchain innovation. With more than 2,400 blockchain companies and over $10.6 billion in investment, the state has a solid foundation.
However, without a collaborative approach and policies that encourage innovation, New York risks falling behind as other states and global markets move forward.
Throughout the world, regulatory uncertainty continues to stifle innovative uses for digital assets, smart contracts and other blockchain-driven applications. This leaves businesses and investors in limbo. Without clear rules of the road, capital and talent will flow elsewhere. If New York wants to remain at the forefront, then policymakers, industry leaders and technology experts must work together to create an environment where blockchain innovation thrives.
Collaboration is the driving force behind the New York Blockchain Council, a coalition designed to bridge the gap between government and the experts shaping emerging technologies. It exists because New York needs a coordinated approach to advancing our leadership in blockchain. Led by policy experts with an ear toward Albany and the innovators building the next generation of technology, this initiative aims to educate, advise and advocate for policies that ensure New York doesn’t just compete, it drives innovation.
At the heart of this effort is a focus on real-world applications and the creative minds building revolutionary products − proving blockchain’s value beyond speculative investments and showcasing its impact on finance, cybersecurity, supply chains and beyond. Executive Director Jeet Raut is a pioneer in making blockchain more accessible by incorporating familiar developer tools into smart contracts. His work is part of a broader effort to ensure New York remains a leader in blockchain development by lowering barriers to entry and expanding practical blockchain applications. These kinds of advancements, combined with strategic investments, are positioning the state for long-term success.
New York is ahead of the curve in blockchain investment, securing over $19 million in federal contracts, grants, and Small Business Innovation Research and Small Business Technology Transfer funding to develop blockchain applications. This momentum extends to the financial sector, where digital assets are driving innovations in banking and payments. However, blockchain technology also sees the health care and life sciences sectors actively investing in and implementing blockchain-based Web3 solutions.
As federal policymakers prepare to tackle regulating digital assets and their underlying technology, New York must take a leading role in shaping the conversation. A forward-thinking regulatory framework is within reach − but only if we act now. New York cannot risk being left behind. States to move first will set the terms for blockchain’s future, and New York must be at the forefront.
David Carlucci is a co-founder of the New York Blockchain Council and a former state senator.