NYC Mayor Eric Adams Ends Reelection Bid, What’s Next?

New York City’s plans to become a global hub for digital assets may face new uncertainty after Mayor Eric Adams announced Sunday that he will not seek a second term. In a video posted on X, Adams cited financial pressures linked to his dismissed federal bribery case and a campaign finance board decision to withhold millions in public funds.

“Despite all that we have achieved, I cannot continue my reelection campaign,” Adams said, adding that persistent media speculation about his future had undermined his ability to raise money. The mayor, elected in 2022 on a pandemic recovery and public safety platform, pledged to continue serving the city until his term ends on January 1, 2026.

Adams Exits Race Amid Financial Strains

Adams has been credited with helping reduce crime and strengthen the economy, but a series of scandals shadowed his administration. “Although this is the end of my reelection campaign, it’s not the end of my public service,” he told viewers.

Adams’ withdrawal raises questions about the future of New York’s crypto ambitions. Earlier this year he declared the city “open for business” for digital-asset companies and promised to form a digital advisory council to lure blockchain investment and jobs. He also championed the idea of a municipal Bitcoin bond and pushed to roll back the state’s strict BitLicense regime, arguing that it stifled innovation.

Crypto Industry Faces Political Crossroads

Those proposals met resistance from other officials. City Comptroller Brad Lander dismissed the Bitcoin bond as “legally dubious and fiscally irresponsible,” and the state has shown little appetite for loosening licensing requirements.

With Adams out, the November 2025 mayoral race now takes center stage. Current frontrunner Zohran Mamdani, a democratic socialist assemblyman, has not outlined a clear stance on cryptocurrency, leading some industry observers to worry about a potential shift toward tighter oversight. Former Governor Andrew Cuomo, polling second, has a more mixed record: he once advised crypto exchange OKX during a federal probe but is generally viewed as favoring stronger regulation.

Prediction market Polymarket currently shows Mamdani holding a commanding 84.6% lead over Cuomo’s 14.4%. Whoever wins will inherit Adams’ efforts to position New York as a crypto capital, but the next administration’s policies could determine whether those ambitions continue—or stall—in the years ahead.