Selling South Florida
Mayor Francis Suarez of Miami is selling his city as the world’s cryptocurrency capital. “We want to be on the next wave of innovation,” he told DealBook. To make that happen, Mr. Suarez said he was “refashioning” the city’s “fun in the sun” image. Thanks in part to the mayor’s marketing efforts, tech and finance titans have flocked to Miami during the pandemic.
Visions of Bitcoin City. Last month, the Republican mayor suggested Miami pay municipal workers and accept tax payments in Bitcoin, as well as invest city funds in the cryptocurrency. Local officials have agreed to study the proposals. The notion made him popular in the crypto community, advancing his rebranding campaign. His efforts have also won him campaign donations from tech investors, attracted money to cultivate Miami’s burgeoning tech sector and may soon pay a big county bill.
The cryptocurrency exchange FTX is seeking naming rights for the city’s N.B.A. arena, currently known as AmericanAirlines Arena. Miami-Dade County took over branding deals in 2018 and is supposed to pay the team $2 million per year, sponsor or no (American’s contract ended in 2019). The FTX agreement is nearly final, pending a Friday vote by county commissioners. “It’s awesome that we’ve attracted a huge cryptocurrency exchange,” Mr. Suarez said, noting that FTX’s bid “complements the brand” that Miami is establishing.
It would be the N.B.A.’s first crypto sponsorship of an arena, The Miami Herald notes, but it would also tie a county revenue stream to a relatively young exchange and C.E.O. FTX was founded in 2019 and is run by Samuel Bankman-Fried, a 28-year-old billionaire who was one of the biggest donors to President Biden’s campaign.
The tech center exodus and crypto boom converge in Miami. The pandemic prompted people to relocate to Florida from Silicon Valley and New York as Bitcoin gained legitimacy and value. The mayor sees the trends as interrelated, and he is seizing the moment. “People come here and start realizing that there’s way more tech talent than they thought,” he said.
All that’s missing is a regulatory scheme, Mr. Suarez said: Lawmakers are modeling Florida’s approach on Wyoming’s crypto policies. Ultimately, the success of the mayor’s effort won’t be apparent until it’s clear that people are making their moves permanent and maintaining their enthusiasm for crypto if — or when? — there is another market downturn.
HERE’S WHAT’S HAPPENING
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President Biden’s next big spending plan begins to take shape. Economic advisers are assembling a $3 trillion package, beginning with a huge infrastructure proposal. It will go beyond roads and bridges to also address climate change and racial and gender equity.
Microsoft will ease workers back to the office starting next week. The 57,000 employees who left the tech giant’s Redmond, Wash., headquarters because of the pandemic can choose to work from the office, home or both.
BlackRock investigates allegations of employee misconduct. The money-management giant hired a law firm after employees said that they had faced harassment and discrimination over their sex, race and religion. A senior executive, Mark Wiedman, apologized for making inappropriate comments at work events.
Goldman Sachs’s C.E.O. promises to ease the burden on junior bankers. David Solomon told employees that the firm would better enforce a ban on working Saturdays and hire more analysts, after a presentation by first-year bankers that described 100-hour work weeks drew media attention.
Personnel is policy. Or is it?
Though she lost the Democratic presidential primary, Senator Elizabeth Warren is exerting considerable…
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