Pro-crypto mayor’s exit raises questions about NYC’s blockchain ambitions
New York City’s crypto-friendly mayor Eric Adams has officially ended his reelection campaign, a decision that could reshape the city’s ambitions to become a leading digital asset hub. The announcement, made on Sunday via video on X, followed weeks of speculation about his financial and political struggles.
Financial Troubles and Scandal Fallout
Adams cited financial difficulties tied to his dismissed federal bribery case and the withholding of millions in public funds as the primary reasons for his withdrawal.
“Despite all that we have achieved, I cannot continue my reelection campaign,” Adams said, adding that media scrutiny and funding shortfalls undermined his ability to run a viable campaign.
Elected in 2022, Adams was credited with reducing crime and reviving the city’s economy post-pandemic. However, his administration faced ongoing controversies, which became a political liability despite his visible policy achievements.
“Although this is the end of my reelection campaign, it’s not the end of my public service,” he affirmed.
Adams’ Crypto Advocacy
Adams quickly gained recognition as one of America’s most pro-crypto politicians. He pledged to make New York the “crypto capital of the world,” even taking his first mayoral paychecks in Bitcoin and Ethereum.
Earlier this year, he pushed for initiatives including a digital advisory council, a Bitcoin bond, and calls to reform New York’s strict BitLicense program, which many in the industry view as stifling innovation.
“The age of tokenization, which includes crypto, blockchain, and other fintech innovations, is here, and we’re going to continue to move forward with it,” Adams said at a May press conference.
Yet, not all of his proposals gained traction. City Comptroller Brad Lander rejected the idea of a Bitcoin bond, labeling it “legally dubious and fiscally irresponsible.”
Adams’ exit leaves the crypto industry uncertain about its standing in New York. Zohran Mamdani, a democratic socialist assemblyman and current frontrunner, has not clarified his stance on digital assets, leaving investors wary.
Former Governor Andrew Cuomo, polling second, has a more regulatory track record with crypto, though he once worked as an adviser to OKX during a federal probe.
According to Polymarket prediction data, Mamdani currently leads Cuomo 84.6% to 14.4%, signaling a decisive path toward victory.
The city’s election is scheduled for November 4, 2025, with Adams continuing as mayor until January 1, 2026.
With Adams stepping aside, the question now is whether New York will maintain its pro-crypto momentum—or pivot toward a more cautious, regulatory future.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.