New York City’s push to be a global crypto hub faces fresh uncertainty after Mayor Eric Adams abruptly ended his reelection campaign on Sunday, September 28, 2025. Adams cited severe fundraising obstacles tied to a dismissed federal bribery case and the withholding of public funds by the city’s campaign finance authorities, which he said left him unable to mount a viable campaign.
He indicated he will remain involved in public life but will not seek another term.
Adams, who won the mayoralty in 2022 on a public safety platform and has been credited with reducing crime and supporting economic recovery, had also become an outspoken proponent of digital assets. Earlier this year he publicly positioned New York City as “open for business” to crypto firms, announced plans for a digital advisory council meant to attract jobs and investment, and advocated for tokenization initiatives including a proposed Bitcoin bond. Those initiatives were framed as part of a broader effort to make the city competitive in blockchain, fintech and crypto markets.
His withdrawal leaves those initiatives in doubt. City leadership and policy direction on cryptocurrency, tokenization, and related fintech incentives could shift depending on who emerges to replace him, and how quickly a transition moves forward. Firms that had planned expansions, hiring, or product launches tied to the mayor’s agenda may now reassess timing and strategy.
Regulators, investors and DeFi projects will likely watch the mayoral contest for clues about continuity of pro-crypto signals and any changes to local enforcement or support. The industry now faces a period of political uncertainty in New York as candidates outline their own approaches to Bitcoin, Ethereum, blockchain, and tokenization policy.
Adams’ tenure combined tangible economic gains with ongoing controversy, and his departure highlights how political turbulence can ripple into the crypto ecosystem. Observers say the next steps from city officials and mayoral contenders will determine whether New York retains momentum as a leading center for crypto innovation.
