Adams bows out of reelection, crypto supporters left in limbo

New York Mayor Eric Adams announced Sunday that he won’t seek reelection, casting a shadow over the city’s digital asset ambitions. 

Adams released a video on X, explaining that financial strain following the federal bribery and withheld funding left him no choice but to exit the race. He stated, “The constant media speculation about my future and the campaign finance board’s decision to withhold millions of dollars have undermined my ability to raise the funds needed for a serious campaign.”

His withdrawal raises questions about the future of the city’s pro-cryptocurrency policies, which had positioned NYC as a potential global hub for digital assets.

Adams had invited crypto firm partnerships in New York

Despite his retreat, Adams assured New Yorkers he would remain dedicated to serving the city. He first won the mayoralty in 2022 on his pledge to make the city safer and revive the economy. While he’s credited with progress on both fronts, controversies have consistently undermined him.

In May, Adams, speaking at a press conference at Gracie Mansion, welcomed crypto firms to the city. He also named June Ou, founder of Figure, and Richie Hecker, CEO of private equity firm Traction and Scale, as advisers for the city’s crypto initiative, helping chart its next steps in digital-asset policy.

He noted, “We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends. If you’re in the crypto, blockchain, Web3, or the fintech space, New York City is open for business.”

Later, he also asserted he would establish a council focused on digital innovation to help make NYC a global hub for crypto and create more economic opportunities. Moreover, he had proposed issuing a Bitcoin bond and scrapping the BitLicense program, a plan that Comptroller Brad Lander dismissed as both unlawful and fiscally unsound.

Crypto was at the heart of Adams’ agenda from day one, even taking his first three paychecks in Bitcoin. As of 2023, he claimed to have between $5,000 and $54,999.99 worth of BTC; this was likely worth more by late 2024.

He campaigned for the city to be “the crypto capital of the world.” His administration announced such initiatives as a proposed Bitcoin-backed bond and a digital advisory council designed to woo investment in blockchain, the New York City Government

Yet these ideas were quickly opposed, most notably by NYC Comptroller Brad Lander, who dismissed the Bitcoin bond idea as “legally dubious and fiscally irresponsible.” He added that the current Federal Tax Law regime would most likely neither permit tax-exempt financing for acquiring cryptocurrency nor permit investment gains in excess of the federally subsidized financing costs.

Adams spoke on his Bitbond proposal at the Bitcoin 2025 conference in Las Vegas. This speech followed a week after he hosted New York City’s inaugural crypto and digital assets summit at Gracie Mansion.

Mamdani has been relatively silent on crypto

Before his withdrawal, Adams was trailing fourth in the polls, with the city’s business elite pressing him harder, citing concerns about Mamdani, the democratic socialist assemblyman leading the race. Mamdani has yet to spell out a crypto agenda, but some in the sector fear his progressive politics could translate into stricter regulation.

Currently second in the polls, Andrew Cuomo has a rather mixed record on digital assets but leans toward more regulation. He once even provided counsel to OKX while it was under federal investigation. Previously, Adams had accused the former governor Cuomo of effectively crippling the state’s crypto ecosystem while in power. 

So far, Polymarket puts Mamdani well ahead of Cuomo, 84.6% to 14.4%. New Yorkers are set to choose their next mayor on November 4, 2025, and Adams will serve his term until the new mayor takes over at the start of 2026.

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