Adams' Crypto Payday
Taxpayers are cutting their first paycheck today for Eric Adams, which means it’s time for the new mayor to make good on one of his more unusual promises: to take the first three installments of his salary in Bitcoin.
Apex Crypto (acquired by Bakkt)
Winning the biggest BitLicense in recent history and helping the new economy work at full speed
In the fall of 2021, high turnover at DFS, unsophisticated lobbying by their strategic advisor and a lack of political engagement by them had left them sitting in the middle of the Department’s thick pile of applications two years after submitting their application. For Apex Crypto, approval would mean gaining access to New York’s breadth of crypto investors.
Press Hits
Apex Crypto obtained a coveted BitLicense
The Stakes
High turnover at DFS, unsophisticated lobbying by their strategic advisor and a lack of political engagement by them had left them sitting in the middle of the Department’s thick pile of applications two years after submitting their application. For Apex Crypto, approval would mean gaining access to New York’s breadth of crypto investors.
The Process
We immediately produced a detailed campaign plan that (1) created opportunities for Apex to engage with influential civic leaders who could act as surrogates for the company, (2) generated news hooks that were then turned into tabloid and online (Business Insider, Politico Playbook and Morning Money) stories about Apex’s potential to create hundreds of new jobs in New York City, and (3) engaged senior leaders in New York State government to ensure Apex’a business was well-understood, and that approval would be a win for the state.
Conclusion
Working closely with our client, we successfully generated an echo chamber loud and effective enough to get Apex fully approved and licensed by March 2022.
Update:
In spring 2023, Tusk was proud to once again advise Apex and Bakkt, this time to ensure their merger received timely approval by New York State, in the first combination of two operational BitLicensed entities.