Pro-Crypto NYC Mayor Eric Adams Exits Reelection Bid Over Finance Woes

New York City Mayor Eric Adams ended his reelection campaign on Sunday, citing financial struggles and relentless speculation about his future. His decision reshapes the city’s mayoral race only weeks before the November vote.

Adams announced the withdrawal in a video posted to X on Sunday. “Despite all we’ve achieved, I cannot continue my re-election campaign,” he said, pointing to the Campaign Finance Board’s decision to deny him public matching funds.

The loss of those funds, combined with constant questions about his next move, made his position untenable, he said.

https://twitter.com/ericadamsfornyc/status/1972348511892262962

Mamdani Holds Double-Digit Lead As Race Narrows

Polls had shown Adams trailing badly in a crowded field. Assemblyman Zohran Mamdani has consistently led by double digits, with former governor Andrew Cuomo running as an independent and Republican Curtis Sliwa, founder of the Guardian Angels, also in the race.

Strategists say Adams’ exit could tighten the contest between Mamdani and Cuomo, though Mamdani remains the frontrunner.

Pressure for Adams to step aside had been mounting. Party officials and donors worried that his presence would split moderate Democratic support, all but ensuring Mamdani’s victory. His campaign never gained traction, with his polling numbers slipping to single digits in recent months.

Sliwa, meanwhile, has insisted he will stay in the race despite polling slightly ahead of Adams. His continued presence leaves the possibility of further vote splitting in November.

Adams Earned ‘Bitcoin Mayor’ Title With Crypto Paycheck Stunt

Adams, who took office in Jan. 2022, quickly made a national name for himself as one of the most pro-crypto politicians in America. He famously converted his first three paychecks into Bitcoin and Ethereum, a symbolic move that earned him the nickname “Bitcoin Mayor.”

He pledged to make New York the “global capital of cryptocurrency,” pushing blockchain integration in city services. His proposals included using blockchain for municipal recordkeeping, allowing residents to pay fines and taxes in crypto, and even issuing Bitcoin-backed municipal bonds.

Critics, including City Comptroller Brad Lander, warned such ideas carried financial risks.

Despite the skepticism, Adams became a fixture in the digital assets scene. He courted industry leaders such as Galaxy Digital’s Michael Novogratz for fundraising, spoke at major conferences like Permissionless and Bitcoin 2023, and lobbied for regulatory reforms.

He often contrasted his stance with that of Andrew Cuomo, accusing the former governor of dismantling the industry through hostile policies.

Crypto Community Loses One Of Its Political Advocates

Disclosures suggested Adams’ personal crypto holdings were modest by late 2023. Still, his willingness to champion digital assets distinguished him from other national figures and reinforced New York’s ambitions in the sector.

In May, he launched a digital assets advisory council aimed at bringing fintech jobs and investment to Manhattan. The move was part of a broader effort to align the city with federal progress on stablecoin rules and market structure legislation.

Adams’ exit leaves New York politics without one of crypto’s most outspoken champions in elected office. For an industry that once looked to the mayor as a high-profile ally, the November election will determine whether City Hall continues to embrace digital assets or takes a more cautious path.