New York’s crypto hub ambitions could possibly be set for uncertainty after New York Metropolis Mayor Eric Adams dropped out of his reelection bid on Sunday.
In a video on X on Sunday, Adams cited monetary struggles stemming from his dismissed federal bribery case and the withholding of public funds.
“Regardless of all that we’ve achieved, I can’t proceed my reelection marketing campaign,” he mentioned earlier than including that the “fixed media hypothesis about my future and the marketing campaign finance board’s resolution to withhold tens of millions of {dollars} has undermined my means to boost the funds wanted for a severe marketing campaign.”
Adams initially gained workplace in 2022 on a public security platform in the course of the pandemic restoration and has been credited with decreasing crime and boosting the economic system. Nevertheless, his affiliation with varied scandals has been seen as a persistent legal responsibility.
“Though that is the top of my reelection marketing campaign, it’s not the top of my public service,” mentioned the mayor, earlier than including, “I’ll proceed to combat for this metropolis.”
Solely in America. Solely in New York.
Thanks for making my story a actuality. pic.twitter.com/efHuyBnITJ— Eric Adams (@ericadamsfornyc) September 28, 2025
The Huge Apple’s Bitcoin advocate
In Could, Adams spoke at a press convention to announce that New York Metropolis was “open for enterprise” for crypto companies.
Later in the identical month, he mentioned he would create a digital advisory council to draw jobs and funding to the Huge Apple and place it because the “crypto capital of the globe.”
“The age of tokenization, which incorporates crypto and blockchain and different fintech improvements, that age is right here, and we’re going to proceed to maneuver ahead with it,” he mentioned on the time.
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He additionally called for a Bitcoin bond to be launched within the metropolis and renewed calls to axe New York’s strict BitLicense program.
Nevertheless, New York Metropolis Comptroller Brad Lander rejected the proposal, claiming it was “legally doubtful and fiscally irresponsible.”
No pro-crypto replacements
Adams, presently polling in fourth place, confronted mounting strain from enterprise leaders who additionally oppose frontrunner Zohran Mamdani, a democratic socialist assemblyman.
Mamdani has but to make clear his stance on crypto, however the business appears concerned that his progressive/socialist strategy could also be unfriendly to the digital asset business.
Democrat Andrew Cuomo is second within the race and has a blended however typically extra regulatory strategy to crypto. Cuomo beforehand labored as a paid adviser to the OKX crypto change because it handled a federal investigation.
Adams beforehand criticized former Governor Cuomo, stating that beneath his governorship, New York State “dismantled and destroyed” the crypto business.”
Mamdani presently leads Cuomo by 84.6% to 14.4%, according to the Polymarket prediction platform. New York Metropolis is scheduled to carry the mayoral election on Nov. 4, 2025. Adams will proceed serving as mayor till his successor takes workplace on Jan. 1, 2026.
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