Eric Adams, the pro-crypto mayor of NYC, suspends his reelection because of financial troubles and media attention, disrupting the NYC mayoral race.
The controversial mayor of New York City, Eric Adams, who has a pro-crypto stance, has suddenly terminated his reelection bid.
Adams cited his move to an unstoppable press speculation and a crippling campaign finance scenario in a close to nine-minute video he posted on X (previously Twitter) on Sunday.
The campaign finance board in the city refused to give hundreds of millions of dollars in publicly funded campaigns because of contributions, crippling campaign efforts of Adams.
Although Adams withdrew from the race, he promised not to give up on serving the people of New York, saying: I will keep serving the people of the city, whether it is at City Hall or elsewhere.
Crypto Champion’s Campaign Faces Critical Blow
Adams first became a household name in the crypto community by accepting his first three paychecks in the form of Bitcoin as mayor and staging the first crypto-summit in the city of New York.
He was outspoken in his idea to reform the city with its rough BitLicense policies, which would allow bitcoin to flow more freely.
But his reelection campaign crashed under the continued media attention and financial losses, which he asserts negatively affected his capacity to raise the required funds.
The mayor never supported any other candidate and also advised against radical change, saying that it would result in chaos instead of development.
Mayoral Race Upended by Sudden Withdrawal
Source – polymarket
The withdrawal of Adams is a huge change to the November 4 mayoral election. The primary candidates have become Democrat Zohran Mamdani (with almost 85% prediction markets) and former Governor Andrew Cuomo, as well as Republican Curtis Sliwa.
The departure of Adams may be an advantage to the campaign of Cuomo because some of the supporters of Adams might switch allegiance, particularly among the unions and the black voters.
Adams has denounced such opponents who advocate deconstructing the systems that have been established over time, and this was indirectly aimed at Mamdani, who is a democratic socialist presidential contender.
The choice made by Eric Adams is in the background of past legal issues, one of which was federal bribery charges that were dismissed during the Trump administration.
The changing relations with political groups and constant pressure of the media have had a profound influence on his political future in New York City.
