Eric Adams ended his 2025 reelection bid on Sunday. The New York mayor’s move removes the city’s most visible pro-crypto advocate from the race.
As a result, New York’s crypto hub plan enters a holding phase.
Adams won office in 2022 and tied public safety to growth in digital assets. He told firms that New York is open for business for crypto. Now, the pro-crypto message no longer has a candidate’s platform behind it.
The timeline is clear. New York City votes on November 4, 2025. The next mayor takes office on January 1, 2026.
Eric Adams remains mayor until then, while the crypto hub agenda runs through agencies and partners.
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Money pressures, dismissed bribery case, and quotes
In a video on X, Eric Adams cited money pressures for the decision. He referenced his dismissed federal bribery case and the withholding of public funds for the campaign. He said those issues limited fundraising.
“Despite all that we have achieved, I cannot continue my reelection campaign,” Eric Adams said.
He added that “constant media speculation” and the campaign finance board’s decision to withhold millions of dollars hurt his effort. The quotes explain the financial strain.
He also addressed his role in New York. “Although this is the end of my reelection campaign, it’s not the end of my public service,” he said.
“I will continue to fight for this city.” Therefore, city operations, including crypto work, continue under his administration.
Bitcoin bond, BitLicense, and digital advisory council
In May, Eric Adams used press events to push crypto steps. He said New York is open for business for crypto firms. He also said he would form a digital advisory council to attract crypto jobs and investment.
Eric Adams urged the city to explore a Bitcoin bond. He also repeated calls to scrap or overhaul BitLicense, the state’s virtual currency regime. These proposals aimed to lower friction for crypto activity in New York.
However, New York City Comptroller Brad Lander rejected the Bitcoin bond idea. He called it “legally dubious and fiscally irresponsible.”
With that, the Bitcoin bond remained off the table while Eric Adams continued to promote a broader crypto narrative.
Zohran Mamdani crypto stance and Andrew Cuomo record
Attention turns to Zohran Mamdani, the frontrunner in the New York race. The democratic socialist assemblyman has not detailed a crypto plan. As of now, New York’s crypto hub awaits specific policies from his campaign.
Andrew Cuomo sits second in the field. His record shows a more regulatory approach to crypto. He previously worked as a paid adviser to OKX during a federal investigation. That link places him near crypto operations, yet within a compliance frame.
Earlier, Eric Adams criticized Andrew Cuomo. He said that under Cuomo, New York State “dismantled and destroyed” the crypto industry.
The statement highlights a long-running divide over BitLicense, oversight, and market growth.
Polymarket numbers, polling rank, and election timeline
Before the announcement, Eric Adams polled fourth in the New York field. That standing added pressure on fundraising and momentum. It also explains the uphill path to the nomination.
On Polymarket, Zohran Mamdani trades at 84.6%. Andrew Cuomo stands at 14.4%. These Polymarket figures show market sentiment, not official polling. They frame expectations for the New York race today.
The New York mayoral election falls on November 4, 2025. The winner takes office on January 1, 2026.
Until then, Eric Adams manages city policy, while New York’s crypto hub goals depend on agency action and future candidate plans.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: August 4, 2025 • 🔄 Last updated: August 4, 2025
