New York’s Crypto Hub ambitions could be set for uncertainty after New York City Mayor Eric Adams dropped out of his re-elect bid on Sunday.
In the X video on Sunday, Adams cited his rejected federal bribery case and financial struggles stemming from public funds withholding.
“Despite everything we have achieved, I cannot continue my reelection campaign,” he said.
Adams is initially believed to have acquired offices on public safety platforms during the pandemic recovery in 2022, reducing crime and boosting the economy. However, his relationship with various scandals is considered a lasting responsibility.
“This is the end of my reelection campaign, but not the end of public service,” the mayor said.
Only in the US. Only in New York.
Thank you for making my story come true. pic.twitter.com/efhuybnitj– Eric Adams (@ericadamsfornyc) September 28, 2025
Big Apple Bitcoin supporters
In May, Adams announced at a press conference that New York City is “open to business” for crypto companies.
Later in the same month, he said he would create a Digital Advisory Council to attract jobs and investments to the Big Apple and position it as “globe’s crypto capital.”
“The era of tokenization, which includes crypto and blockchain and other fintech innovations, is here, and we will continue to do so,” he said at the time.
Related: The mayor of New York has a crypto plan for citizens to vote in the Democratic primary
He also updated his call for New York’s strict Bit Resense program, calling for Bitcoin bonds to be launched in the city.
However, New York City Director Brad Lander rejected the proposal, claiming it was “legally suspicious and financially irresponsible.”
There is no alternative to Procrypt
Adams, who is currently voting in fourth place, faces pressure from business leaders who also opposed democratic socialist legislator Zoran Mamdani.
Mamdani has yet to reveal his stance on Crypto, but the industry appears to be concerned that his progressive/socialist approach may not be friendly to the digital asset industry.
Democrat Andrew Cuomo is second in the race, with mixed cryptography generally having a more regulated approach. Cuomo previously worked as a paid advisor to OKX Crypto Exchange, who worked with federal investigations.
Adams previously criticized former governor Cuomo, who said under his governor, New York stated “dismantled and destroyed” the crypto industry.
Mamdani currently leads Cuomo by 84.6% to 14.4%, according to the Polymarket Prowinction Platform. New York City is scheduled to hold mayoral elections on November 4th, 2025. Adams will continue to serve as mayor until his successor takes office on January 1, 2026.
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