New York’s pro-crypto mayor Eric Adams drops reelection bid

New York City Mayor Eric Adams has officially withdrawn from the mayoral race, casting uncertainty over the city's pro-crypto initiatives. Adams announced his decision via video, citing financial difficulties related to a dismissed federal bribery case and the New York Campaign Finance Board withholding significant public funds. Since his election in 2022, Adams has been recognized for enhancing public safety and economic recovery, yet his involvement in various scandals has posed challenges to his support. Although he concluded his reelection effort, Adams emphasized his ongoing commitment to public service. His recent efforts included initiatives aimed at making New York City a prime location for cryptocurrency businesses, including the formation of a digital advisory council and proposing a Bitcoin bond to spark investment. Currently, frontrunner Zohran Mamdani, a democratic socialist, is leading the race, though his stance on crypto remains undefined. Meanwhile, Andrew Cuomo, with a regulatory perspective on crypto, trails behind Mamdani. The mayoral election is set for November 4, 2025, with Adams remaining in office until January 1, 2026.

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