Blog

NYC Mayor Adams dropped, Crypto rules threatened

Photo of cryptobizinvest.com cryptobizinvest.com Send an email 2 weeks ago
0 0 2 minutes read


New York’s crypto hub ambitions may be set for uncertainty after New York City mayor Eric Adams dropped from his reelection on Sunday.

In a video on X on Sunday, Adams mentioned Financial struggles derived from his deleted case of federal bribery and the restraint of public funds.

“Despite all that we have achieved, I can’t continue my reelection campaign,” he said before adding that “the media’s continued speculation about my future and the Campaign Finance Board’s decision to prevent millions of dollars has reduced my ability to raise funds needed for a serious campaign.”

Adams first won the office in 2022 on a public safety platform at the time of pandemya recovery and being credited to reducing crime and economic strengthening. However, his contact with various scandals has been seen as an ongoing responsibility.

“Although this is the end of my reelection campaign, this is not the end of my public service,” said the mayor, before adding, “I will continue to fight for this city.”

The advocate of Big Apple’s Bitcoin

In May, Adams spoke At a press conference to announce that New York City is “open for business” for crypto companies.

Later on the same month, he said he would Create A Digital Advisory Council to attract jobs and investments in Big Apple and position it as “Crypto Capital of the World.”

“The age of tokenization, which includes crypto and blockchain and other innovative finishes, that age is here, and we will continue to move forward,” he said at that time.

Related: The NYC mayor releases crypto plans while city residents voted with the main democratic

He too Called For a Bitcoin bond to launch in the city and update calls on Ax New York’s Bitlicense program.

However, the New York City Comptroller Brad Lander declined The proposal, which is said to be “legal weakness -suspicion and no responsibility.

There are no pro-crypto shifts

Adams, currently polls in the fourth place, faces pressure mounted from business leaders who also oppose frontrunner Zohran Mamdani, a democratic socialist overseer.

Mamdani has not yet clarified her stance in crypto, but the industry appears to be concerned That his progressive/socialist approach may be unfriendly to the digital asset industry.

Democrat Andrew Cuomo is second in career and is mixed -up but generally more regulation of crypto approach. Cuomo had previously worked as a paid counselor at the OKX Crypto Exchange as it dealt with a federal investigation.