Eric Adams Exits NYC Mayoral Race, Casting Doubt on City’s Crypto-Friendly Future
TL;DR Breakdown
- New York City Mayor Eric Adams drops out of mayoral race
- Adams cites that the finance board and media speculation make it difficult for him to raise funds
- Adams was a crypto advocate who chose to take his first salary in Bitcoin
New York City Mayor Eric Adams has announced that he is dropping out of the re-election race as he finds it difficult to fund a serious campaign. Adams states that while it is the end of his campaign, it will not be the end of his public service as he continues to fight to make New York City better.
Eric Adams’ pro crypto stance
Eric Adams first took office in 2022 by campaigning for greater public safety, increasing government efficiency and improving public services, including health and education. Since taking office, he has had a vehemently pro-crypto stance, even going as far as converting his salary to Bitcoin and Ethereum as a symbolic gesture.
Furthermore, as a mayor, he has made efforts to make New York City a global hub for cryptocurrency as he looked at the industry as a source of innovation, jobs and broader economic growth for the city. He advocated for blockchain education in schools and pushed for public facilities to accept cryptocurrencies for charges and fines.
However, his biggest challenge in this push has been the BitLicense framework that makes it difficult for firms to engage in cryptocurrency-related business activity. While Adams has been vehemently against the framework, the regulation is a state-level regulation (NYDFS), putting it beyond his control.
What’s next for New York City?
Now, Eric Adams has announced that he is dropping out of the NYC mayoral elections due to financial issues. He states that the campaign finance board has withheld millions of dollars, while media speculation makes it difficult for him to raise funds, making him unable to fund a “serious” campaign for his re-election.
Eric Adams did not endorse any of the three major candidates: Democrat Zohran Mamdani, Independent Andrew Cuomo, and Republican Curtis Sliwa. While Zohran leads the race according to various polls, his campaign prioritizes affordability and public services, placing the city’s economic growth lower on his list of immediate concerns.
