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Adams’ withdrawal halts major city crypto initiatives.
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His decision was driven by financial constraints after a dismissed federal case and withheld campaign funds.
Eric Adams drops out of the 2025 New York City mayoral race, creating immediate uncertainty for the city’s pro-crypto agenda. His exit stalls initiatives such as a proposed Bitcoin bond and a digital advisory council designed to attract crypto firms and investment to make NYC a global crypto hub.'+ '💼 Built for Active Traders
Eric Adams drops out of NYC mayoral race, casting doubt on the city’s crypto hub plans — read implications and next steps now.
What does Eric Adams dropping out mean for New York City’s crypto ambitions?
Eric Adams’ exit ramps up uncertainty over New York City’s pro-crypto strategy. Planned efforts — including a Bitcoin bond, a digital advisory council, and regulatory tweaks to attract firms — face delays or reversal as leadership changes reshape policy priorities.
How did Adams position New York as a potential crypto hub?
Adams publicly championed crypto in May by announcing the city was “open for business” to digital-asset firms and proposing a digital advisory council to attract jobs and investment. He called for a Bitcoin bond and advocated revisiting New York’s BitLicense approach to reduce barriers for startups.
Why does Adams’ withdrawal matter to the crypto industry now?
Adams’ campaign exit removes a high-profile municipal advocate at a formative time for local digital-asset policy. Without his political backing, proposals face increased scrutiny from fiscal officials and potential legal challenges cited by New York City Comptroller Brad Lander, who labeled aspects of the Bitcoin bond plan as legally dubious and fiscally risky.
Who are the likely successors and what are their crypto stances?
Top contenders include Zohran Mamdani and Andrew Cuomo. Mamdani’s position on crypto remains unclear and the industry is wary of progressive policy shifts. Cuomo presents a mixed regulatory approach and has prior advisory ties to crypto firms. Polls on prediction platforms indicate Mamdani leading significantly, but official positions may evolve as campaigns proceed.