NYC’s Crypto Future in Question After Mayor Adams Exits Race

[cryptoenthusiast]

New York City Mayor Eric Adams — once a vocal champion of crypto — has dropped out of his reelection campaign. In a video on X, Adams blamed financial struggles from a dismissed federal bribery case and the city’s decision to withhold millions in public campaign funds.

“Despite all that we have achieved, I cannot continue my reelection campaign,” Adams said, adding that media speculation had undermined his fundraising efforts.

Adams, elected in 2022 on a public safety platform, positioned NYC as “open for business” for crypto firms. He had pledged to make the city a global hub for blockchain and fintech innovation. His exit now raises questions about the future of these initiatives.