Nikolas Sargeant
New York City Mayor Eric Adams announced Sunday that he is ending his reelection bid, a move that narrows the field for November's mayoral election. In a video posted to X, Adams stated he could not continue his campaign, citing the Campaign Finance Board's decision to deny him public matching funds. The pro-crypto mayor's withdrawal comes just over a month before the general election.
Adams was running as an independent after forgoing the Democratic primary in June. The loss of public matching funds, combined with constant questions about his campaign's viability, made continuing the race untenable. His campaign had been significantly hobbled by financial difficulties stemming from ongoing legal troubles.
Adams' vision for NYC as a global crypto hub, including plans for a "BitBond" and the abolition of the stringent New York BitLicense, now faces an uncertain path. His exit removes the most prominent pro-crypto voice from the upcoming mayoral contest, forcing the crypto community to recalibrate its expectations for New York's regulatory and technological landscape.
Zohran Mamdani, a 33-year-old State Assembly member who convincingly won the Democratic primary in June, remains the front-runner. Adams' announcement could give a boost to former Gov. Andrew Cuomo in the high-profile race, though much depends on where Adams' supporters turn in the final weeks before the election.
Adams' Pro-Crypto Legacy in New York City
Throughout his tenure, Mayor Adams positioned himself as one of the most vocal cryptocurrency advocates in American politics. In 2022, he made headlines by converting his first three mayoral paychecks into Bitcoin and Ethereum, signaling his personal commitment to digital assets. This symbolic gesture was just the beginning of his efforts to transform New York City into a global crypto hub.
In May, Adams unveiled plans to establish a crypto advisory council at the inaugural New York City Crypto Summit, emphasizing the importance of leveraging blockchain to enhance city services and drive economic growth. The council aimed to provide policy recommendations for integrating digital assets into various sectors, including public services and financial transactions. Adams even suggested exploring the possibility of accepting cryptocurrency for certain city services and taxes, as well as utilizing blockchain technology to manage sensitive records such as birth and death certificates.
At the Bitcoin 2025 conference, Adams took his crypto advocacy even further. He unveiled a proposal to introduce a Bitcoin-backed municipal bond, dubbed the "BitBond," designed to attract cryptocurrency investors by offering a financial instrument aligned with digital asset holdings. In conjunction with this proposal, Adams reiterated his call for the repeal of New York's BitLicense program, a regulatory framework critics argue imposes high compliance costs and stringent requirements that deter innovation. His administration's efforts to abolish the BitLicense reflected his broader vision of reducing regulatory barriers for crypto businesses.
Under Adams' leadership, New York City attracted significant investment from the crypto industry, with MoonPay establishing its U.S. headquarters in SoHo in April 2025, joining over 130 crypto companies including Coinbase and Gemini that expanded operations in the city. His exit from the mayoral race leaves these ambitious initiatives in limbo, with uncertainty surrounding whether his successor will maintain the same crypto-friendly approach.
