TLDR
- Eric Adams announced his withdrawal from the 2025 mayoral race due to financial difficulties and media speculation.
- Adams cited the withholding of public funds and the impact of his dismissed federal bribery case on his campaign.
- Despite stepping down, Adams affirmed his continued commitment to public service and the city of New York.
- Adams had positioned New York City as a potential crypto hub, promoting blockchain and digital asset initiatives.
- New York City Comptroller Brad Lander rejected Adams’ proposal for a Bitcoin bond, citing legal and fiscal concerns.
New York City Mayor Eric Adams announced his withdrawal from the 2025 mayoral race on Sunday, citing financial difficulties. In a video posted on X, Adams attributed the setback to his dismissed federal bribery case and withheld public funds. “Despite all that we have achieved, I cannot continue my reelection campaign,” Adams said.
He explained that media speculation and the decision to withhold millions of dollars in public funding severely impacted his ability to fund his campaign. Adams added,
“The constant media speculation about my future and the campaign finance board’s decision to withhold millions of dollars has undermined my ability to raise the funds needed for a serious campaign.”
Though he dropped out of the race, Adams reaffirmed his commitment to public service. “Although this is the end of my reelection campaign, it’s not the end of my public service,” he stated.
Erice Adams’ Crypto Ambitions for NYC Remain in Question
Eric Adams championed New York City as a future hub for the cryptocurrency industry. In May, he announced that the city was “open for business” to crypto firms. He also proposed creating a digital advisory council to attract investments and position the city as the “crypto capital of the globe.”
https://x.com/ericadamsfornyc/status/1972348511892262962
Adams also planned to push for a Bitcoin bond and call for easing regulations like the BitLicense. However, some of his proposals faced opposition. New York City Comptroller Brad Lander rejected the Bitcoin bond idea, calling it “legally dubious and fiscally irresponsible.”
Despite these hurdles, Adams maintained his belief in the future of blockchain technology and crypto in the city.
“The age of tokenization, which includes crypto and blockchain and other fintech innovations, that age is here,” he said in May.
The Impact of Adams’ Withdrawal on NYC’s Crypto Future
The withdrawal of Eric Adams from the mayoral race creates uncertainty for New York’s crypto ambitions. His departure leaves a gap in leadership for the city’s crypto industry. Business leaders and crypto advocates now question whether his successor will continue his push for crypto-friendly policies.
The leading candidates in the race are Zohran Mamdani and Andrew Cuomo. Mamdani, a democratic socialist assemblyman, has yet to reveal his stance on cryptocurrency. His progressive approach raises concerns that he may be less favorable toward the crypto industry than Adams.
Andrew Cuomo, who has a more regulatory stance, is also in the race. Cuomo has had previous ties to the crypto industry, having worked as a paid adviser to the OKX crypto exchange during a federal investigation. The race for mayor now appears open, with Adams’ crypto vision left in limbo until his successor takes office in January 2026.
