According to Fortune magazine, former New York City Mayor Eric Adams announced the launch of a cryptocurrency initiative called 'NYC Token,' aimed at raising funds to combat antisemitism, anti-American sentiment, and to educate children about blockchain technology. However, specific details about the plan remain quite vague. At a brief press event held in Times Square, Adams did not explain how the token would specifically address antisemitism, nor did he reveal any partners, release timeline, or plans for fund usage. Adams stated he will not receive a salary from the project at this time, though he may reconsider in the future. During his tenure, Adams has been a strong supporter of the cryptocurrency industry, but he has also faced controversy over ethical and conflict-of-interest issues. The new mayor, Zohran Mamdani, has stated he will not purchase the token. Additionally, according to information posted by Eric Adams on the X platform, the NYC Token appears to have been launched on the Solana network, with its market capitalization briefly rising to $700 million before quickly declining.