New York City Mayor Eric Adams dropped out of his re-election campaign on Sunday, casting uncertainty over the city's ambitions as a cryptocurrency hub.
Adams announced his decision in a video posted on X, stating that financial difficulties stemming from a dismissed federal bribery case and withheld public funds led to his withdrawal.
"Despite all our achievements, I cannot continue my re-election campaign," he said, adding, "The media's ongoing speculation about my future and the campaign finance committee's decision to withhold millions of dollars has undermined my ability to raise the necessary funds for a serious campaign."
Adams initially won his position during the pandemic recovery in 2022 on a public safety platform and was seen as effective in reducing crime and promoting economic development. However, his association with various scandals has been viewed as a continuing burden.
"While this is the end of my re-election campaign, it is not the end of my public service," the mayor said, adding, "I will continue to fight for this city."
In May, Adams announced at a press conference that New York City was "open for business" to cryptocurrency companies.
Later that month, he stated he would create a digital advisory council to attract jobs and investment to the Big Apple and position it as the "global cryptocurrency capital."
"The era of tokenization, including cryptocurrencies, blockchain, and other fintech innovations, has arrived, and we will continue to push forward," he said at the time.
He also called for the introduction of Bitcoin bonds in the city and reiterated his call to abolish New York's strict BitLicense program.
However, New York City Comptroller Brad Lander rejected the proposal, claiming it was "legally questionable and financially irresponsible."
Currently ranked fourth in the polls, Adams faces immense pressure from business leaders who also oppose frontrunner Zohran Mamdani—a democratic socialist state legislator.
Mamdani has not clarified his stance on cryptocurrency, but the industry seems concerned that his progressive/socialist approach may be unfriendly to the digital asset sector.
Democrat Andrew Cuomo, currently ranked second in the campaign, takes a mixed but overall more regulatory approach to cryptocurrency. Cuomo previously served as a paid advisor to the OKX cryptocurrency exchange while it was dealing with a federal investigation.
Adams has previously criticized former Governor Cuomo, stating that during his tenure, New York State "dismantled and destroyed" the cryptocurrency industry.
According to the Polymarket prediction platform, Mamdani currently leads Cuomo with 84.6% to 14.4%. New York City is set to hold its mayoral election on November 4, 2025. Adams will continue to serve as mayor until his successor takes office on January 1, 2026.
Related: Report: Singapore and UAE are the "most cryptocurrency-obsessed" countries
Original: “Pro-crypto New York City Mayor Eric Adams Drops Out of Re-election Campaign”
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