NYC Pro-Crypto Mayor Eric Adams Quits Reelection Race
Uncertainty looms over NYC’s crypto ambitions as Adams bows out amid financial scandal
New York City’s crypto-friendly mayor Eric Adams has announced he will not seek reelection, a move that throws the city’s digital asset future into question. In a Sunday video message on X, Adams cited financial struggles tied to a dismissed federal bribery case and the loss of millions in public campaign funds. He said the constant speculation over his future had made it impossible to raise enough money for a serious campaign.
Adams, who took office in 2022 during the pandemic recovery, built his platform around public safety and economic growth. He was credited with reducing crime and energizing the local economy but remained dogged by multiple scandals that undermined his credibility. Despite ending his reelection bid, Adams promised to continue serving New Yorkers, saying his public service career was far from over.
Known as one of the most pro-crypto U.S. politicians, Adams frequently promoted New York as the future “crypto capital of the globe.” Earlier this year, he announced plans to form a digital advisory council, proposed a Bitcoin bond for the city, and pushed to repeal the restrictive BitLicense rules. However, his crypto push faced resistance, with city comptroller Brad Lander dismissing the Bitcoin bond idea as irresponsible.
Adams’ departure leaves no clear pro-crypto replacement in the race. Frontrunner Zohran Mamdani, a democratic socialist, has not defined his stance on digital assets, raising concerns in the crypto industry. Former Governor Andrew Cuomo, polling second, has a mixed record on crypto, once advising exchange OKX during a federal probe.
With the election set for November 4, 2025, and Adams serving until January 1, 2026, the future of New York’s digital asset hub is now uncertain, potentially marking the end of its pro-crypto leadership.
