New York City’s pro-crypto mayor Eric Adams, who backed Bitcoin payroll proposals and positioned NYC as a blockchain innovation hub, announced his withdrawal in an emotional video posted on Sunday, that he is exiting his re-election campaign just weeks before the vote.
His decision shocked the entire crypto community, wondering the reason behind his withdrawal.
Why Adams Stepped Down?
Mayor Eric Adams announced via a tweet that he was ending his reelection campaign, citing financial struggles and a lack of public campaign funds. His administration had faced bribery allegations, though federal charges were later dismissed.
Adams said constant media speculation and the denial of public financing left him without the resources needed for a viable campaign. Coupled with low poll numbers and ongoing scrutiny, he felt there was no clear path to victory.
Mayoral Race Shifts After Adams’ Exit
After Adams departure, New York’s mayoral race changes, especially affecting tech and digital asset policies. The focus now turns to frontrunner Assemblyman Zohran Mamdani, with former governor Andrew Cuomo also in dispute.
Meanwhile, Republican Curtis Sliwa remains, but his campaign struggles. Analysts see Mamdani gaining strength, though Cuomo could still attract moderate Democratic voters.
Adams and His ‘Bitcoin Mayor’ Reputation
Adams, who took office pledging to make NYC “the heart of the crypto industry.” He was one of the highest-profile American politicians to embrace digital currency, even converting his first mayoral paycheck to Bitcoin and Ethereum.
Under his leadership, NYC hosted blockchain conferences, piloted city NFT partnerships, and called for friendlier state crypto regulations.
His withdrawal introduces uncertainty for several municipal crypto initiatives, with current frontrunners Zohran Mamdani and Andrew Cuomo both more cautious or ambiguous on crypto policy.
