{"id":49617,"date":"2025-09-29T12:23:14","date_gmt":"2025-09-29T05:23:14","guid":{"rendered":"https:\/\/hbbgroup.net\/new-yorks-pro-crypto-mayor-eric-adams-drops-reelection-bid\/"},"modified":"2025-09-29T12:23:14","modified_gmt":"2025-09-29T05:23:14","slug":"new-yorks-pro-crypto-mayor-eric-adams-drops-reelection-bid","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/new-yorks-pro-crypto-mayor-eric-adams-drops-reelection-bid\/","title":{"rendered":"New York\u2019s pro-crypto mayor Eric Adams drops reelection bid"},"content":{"rendered":"
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New York\u2019s crypto hub ambitions could be set for uncertainty after New York City Mayor Eric Adams dropped out of his reelection bid on Sunday. <\/p>\n

In a video on X on Sunday, Adams cited<\/a> financial struggles stemming from his dismissed federal bribery case and the withholding of public funds.<\/p>\n

\u201cDespite all that we have achieved, I cannot continue my reelection campaign,\u201d he said before adding that the \u201cconstant media speculation about my future and the campaign finance board\u2019s decision to withhold millions of dollars has undermined my ability to raise the funds needed for a serious campaign.\u201d<\/p>\n

Adams initially won office in 2022 on a public safety platform during the pandemic recovery and has been credited with reducing crime and boosting the economy. However, his association with various scandals has been seen as a persistent liability.<\/p>\n

\u201cAlthough this is the end of my reelection campaign, it\u2019s not the end of my public service,\u201d said the mayor, before adding, \u201cI will continue to fight for this city.\u201d<\/p>\n

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Only in America. Only in New York.
Thank you for making my story a reality. pic.twitter.com\/efHuyBnITJ<\/a><\/p>\n

\u2014 Eric Adams (@ericadamsfornyc) September 28, 2025<\/a><\/p><\/blockquote>\n

The Big Apple\u2019s Bitcoin advocate\u00a0<\/h2>\n

In May, Adams spoke<\/a> at a press conference to announce that New York City was \u201copen for business\u201d for crypto firms.<\/p>\n

Later in the same month, he said he would create<\/a> a digital advisory council to attract jobs and investment to the Big Apple and position it as the \u201ccrypto capital of the globe.\u201d<\/p>\n

\u201cThe age of tokenization, which includes crypto and blockchain and other fintech innovations, that age is here, and we\u2019re going to continue to move forward with it,\u201d he said at the time.\u00a0<\/p>\n

Related: <\/strong><\/em>NYC mayor lays out crypto plans as city residents vote in Democratic primary<\/strong><\/em><\/a><\/p>\n

He also called<\/a> for a Bitcoin bond to be launched in the city and renewed calls to axe New York\u2019s strict BitLicense program.<\/p>\n

However, New York City Comptroller Brad Lander rejected<\/a> the proposal, claiming it was \u201clegally dubious and fiscally irresponsible.\u201d<\/p>\n

No pro-crypto replacements\u00a0<\/h2>\n

Adams, currently polling in fourth place, faced mounting pressure from business leaders who also oppose frontrunner Zohran Mamdani, a democratic socialist assemblyman.<\/p>\n

Mamdani has yet to clarify his stance on crypto, but the industry appears concerned<\/a> that his progressive\/socialist approach may be unfriendly to the digital asset industry.<\/p>\n

Democrat Andrew Cuomo is second in the race and has a mixed but generally more regulatory approach to crypto. Cuomo previously worked as a paid adviser to the OKX crypto exchange as it dealt with a federal investigation.<\/p>\n