Eric Adams, the mayor of New York City, has officially withdrawn from the mayoral race. This action has cast the city’s pro-crypto movement into uncertainty.
After New York City Mayor Eric Adams dropped out of his reelection bid on Sunday, the city’s crypto hub ambitions may be facing uncertainty.
In a video posted to X on Sunday, Adams cited financial difficulties resulting from his dismissed federal bribery case and the withholding of public funds.
Despite all that has been achieved, he stated, “I cannot continue my reelection campaign.” He further added that the “constant media speculation about my future and the campaign finance board’s decision to withhold millions of dollars has undermined my ability to raise the funds needed for a serious campaign.”
Originally winning office in 2022 on a public safety platform during the pandemic recovery, Adams has been credited with lowering crime and stimulating the economy. However, his association with various scandals has been viewed as an ongoing liability.
The mayor stated that while this is the end of his reelection campaign, it is not the end of his public service, before adding that he will continue to fight for the city.
New York City’s Bitcoin Advocate
In May, at a press conference, it was announced by Adams that New York City was “open for business” for crypto firms.
Later in the same month, he stated that a digital advisory council would be created to attract jobs and investment to the Big Apple and position it as the “crypto capital of the globe.”
At the time, he stated that the “age of tokenization, which includes crypto and blockchain and other fintech innovations, that age is here, and we’re going to continue to move forward with it.”
He also called for the launch of a Bitcoin bond in the city and renewed his calls for New York’s strict BitLicense program to be eliminated.
The proposal was, however, rejected by New York City Comptroller Brad Lander, who claimed it was “legally dubious and fiscally irresponsible.”
No Pro-Crypto Successors in Sight
Adams, who is currently polling in fourth place, was facing mounting pressure from business leaders. These leaders also oppose frontrunner Zohran Mamdani, who is a democratic socialist assemblyman.
Mamdani has yet to clarify his position on crypto. However, the industry appears concerned that his progressive/socialist approach may be unfriendly to the digital asset sector.
In the race, Democrat Andrew Cuomo is currently in second place. His approach to crypto is mixed but generally more regulatory. Cuomo previously served as a paid adviser to the OKX crypto exchange when it was dealing with a federal investigation.
Adams previously criticized former Governor Cuomo, stating that under his governorship, the crypto industry in New York State was “dismantled and destroyed.”
According to the prediction platform Polymarket, Mamdani is currently leading Cuomo by 84.6% to 14.4%. The New York City mayoral election is scheduled to be held on November 4, 2025. Adams will continue to serve as mayor until his successor takes office on January 1, 2026.
