With the right mindset, policymakers can unlock the full potential for the Bronx to be a global leader in cryptocurrency — maximizing the positive impact on low and middle income communities of color and building localized community wealth.
For nearly a decade, cryptocurrency — the alternative, decentralized currency — has been viewed with skepticism. However, it is now integrated into financial systems with government regulations slowly catching up to monitor this growing addition to the financial sector. Rather than enforcement-focused regulatory strategy, a forward-looking approach can stop bad actors while building an environment for innovators to flourish, and creating new opportunities for generational wealth among historically disenfranchised communities.
New York has two of the country’s most prominent cryptocurrency champions and thought partners, U.S. Sen. Kirsten Gillibrand and U.S. Rep. Ritchie Torres. Gillibrand recently introduced a landmark bill with bipartisan support that would provide much-needed regulatory clarity and guardrails for cryptocurrency growth. Torres continues to be a leading supporter of cryptocurrency’s role in the movement for social and economic progress in communities like the Bronx. Collectively, this leadership will have a transformational impact on the Bronx’s economic development and increase long-sought generational wealth among communities of color.
Cryptocurrency has the potential to be a catalyst for broad-based economic growth and financial opportunity in the years ahead. The Bronx Chamber of Commerce has identified cryptocurrency as a key piece of the innovation economy — joining cannabis, manufacturing, waterway transportation, resiliency and life sciences as the future of our borough’s economic growth. As such, for the past year the chamber has promoted Crypto 101 classes, enhanced by Bronx Crypto, Inc.’s partnerships with area schools and the business sector.
The Bronx and New York City have advantages that no other region can match — our universities, workforce, culture, dynamism, and entrepreneurial drive are second to none. We should have a strategy that harnesses those assets in pursuit of an industry leading role in the cryptocurrency economy, and we need a modernized regulatory structure that protects consumers and promotes innovation and growth. We can’t do this on reputation alone; just because New York has been the financial hub of the world for generations doesn’t mean we can compete and win in tomorrow’s economy without a plan.
In addition to being a driver of job growth and economic activity, cryptocurrency can have practical applications in the everyday lives of all kinds of people in our city. It can help facilitate the flow of money without transaction delays or excessive fees taken by intermediaries. For those sending money to friends and family members outside the country, cryptocurrency offers a fast, safe and less expensive framework for remittances and makes international transactions more seamless, efficient and trackable.
Musicians, artists and writers can use blockchain based tools to ensure that they control the rights to their work and collect on the full value of their creative talent. For the unbanked and underbanked members of our community, cryptocurrency offers an alternative means of managing, investing and understanding money. The sharing of information and opportunities existing within the cryptocurrency space could aid in breaking down barriers between our community and financial literacy.
When it comes to cryptocurrency investment and adoption, we need the kind of bold leadership that has historically defined our borough and city. We need it at all levels, including government, industry, academia and grassroots community organizations. We need to be unapologetic and bold champions for the future of finance, knowing that others will seize the reins if we pass up the chance. From the growth of technology startups in Brooklyn to the thriving creative and artistic community in the Bronx, and with the excellence of our financial services sector across the metro region, we have a world class foundation to build upon. Missing out on this opportunity would set New York back in long term competitiveness, job creation and inclusive economic growth.
We can’t afford to be passive observers; we must be creators and builders. Quite frankly — our lives, livelihoods and futures depend on this critical moment and what we decide to do with it.
We must ensure that the Bronx and New York lead the world in launching a company or getting a job in the cryptocurrency and blockchain ecosystem. Inconsistent policies, needless red tape and outdated regulations are barriers to the kind of innovation we can accomplish as a community. We have a once-in-a-generation chance to capitalize on this technological and financial revolution that can help write New York’s next chapter. Let’s make our approach to cryptocurrency a model for the rest of the world.
Lisa Sorin is president at the Bronx Chamber of Commerce and Julio Barrios is founder and CEO at Bronx Crypto, Inc., a digital assets learning platform focused on unlocking the potential for decentralized finance in the Bronx.
