Eric Adams has dropped out of re-election due to financial concerns. His departure casts doubt on plans to make New York a global crypto hub.

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New York Mayor Eric Adams Drops Out, Crypto Industry Worried

New York Mayor Eric Adams announced on Sunday that he is dropping out of his bid for re-election in 2025. In a video message, he cited financial difficulties following a closed bribery case and the campaign finance board’s decision to freeze millions of dollars.

Adams, who took office in 2022, has earned a reputation as one of the most vocal supporters of the crypto industry among American mayors. He has vowed to make New York the “crypto capital of the world,” initiated the creation of a digital advisory board, and proposed issuing a municipal bitcoin bond. He has also called for the abolition of the strict BitLicense, which has held back crypto companies.

Political uncertainty

His departure could jeopardize plans to develop crypto businesses in the city. The current frontrunner is Democratic socialist Zohran Mamdani, who has not expressed a clear position on cryptocurrencies. His likely victory is causing concern among industry players who fear stricter regulatory policies.

The second-place finisher is former Governor Andrew Cuomo, who has a controversial background in relations with the crypto industry. He served as an adviser to the OKX exchange during the federal investigation, but generally favors a regulatory approach.

What’s next

Despite the political scandals, Adams said he would stay in office until the end of his term and continue to work for the city: “This is the end of my campaign, but not the end of my service.”

The city election will be held on November 4, 2025, and the new mayor will be sworn in on January 1, 2026. For the crypto industry, this year will be decisive in whether New York will maintain its status as a center for digital finance.