Crypto Supporter Eric Adams Drops Out for NYC Mayoral Reelection

Why Crypto Supporter Eric Adams Ended His Mayoral Reelection Campaign

Why did New York City’s crypto supporter Eric Adams step away from his mayoral reelection campaign? 

The announcement on Sunday came as a surprise to both political watchers and the crypto community. 

Source: X (formerly Twitter) 

He said ongoing media speculation and problems with campaign funding made it impossible for him to continue. This leaves the city’s pro-crypto plans facing an uncertain future.

Why He Stepped Down

In a video on X, Adams explained that the campaign finance board’s decision to withhold millions of dollars, combined with constant media rumors about his future, made it hard to run a serious campaign. 

He didn’t endorse any of the remaining candidates: Democratic nominee Zohran Mamdani, former Governor Andrew Cuomo, or Republican Curtis Sliwa.

“I cannot continue my reelection campaign,” he said. “But I will keep fighting for this city, whether from City Hall or beyond.” Even as he steps back from the race, his commitment to New Yorkers remains clear.

Eric Adams’ Achievements

He has been a strong voice for cryptocurrency in NY. He made headlines by taking his first three paychecks in Bitcoin and hosting the city’s first-ever crypto summit. 

At the summit, he told digital assets companies, “If you’re in blockchain, Web3, or fintech, NYC is open for business.”

He also pushed to remove the strict BitLicense regulations, aiming to make Bitcoin and other digital assets easier to use in the city. 

His suggestions, such as a Bitcoin bond to bring in investment, illuminated how crypto supporter Eric Adams aimed to turn NY into an innovation hub. While some of the ideas were turned down.

The Impact on New York's Crypto Scene

With Adams out of the running, the city's crypto-friendly momentum is up in the air. Zohran Mamdani, the current leader, has not outright announced his stand on digital assets, and it is causing anxiety for blockchain companies. 

Former Governor Cuomo could be more regulation-minded, though Adams had faulted Cuomo for previous policies which he believed hurt New York's digital assets sector.

Industry observers fear that Adams' departure will derail programs such as digital advisory boards and cryptocurrency investment initiatives.

His departure also shifts the dynamics of the 2025 mayoral race, where Cuomo picks up some momentum while Mamdani remains the favorite to win.

Looking Ahead

Crypto supporter Eric Adams' resignation is a major moment in NYC politics and the city's digital assets community. He will remain mayor through January 1, 2026, but the fate of his crypto plans is at the mercy of whoever succeeds him.