Adams Quits Mayoral Race as NYC Crypto Battle Over BitLicense Intensifies

Eric Adams Suspends Mayoral Re-Election Amid Campaign Finance Scrutiny — Bitcoin Advocate Urged Repeal of New York BitLicense

New York City Mayor Eric Adams announced on September 28, 2025, that he would suspend his re-election campaign, marking the end of his bid for a second term. The decision, made public via a social media video, cited "constant media speculation" and the city’s Campaign Finance Board (CFB) decision to withhold public matching funds as key factors. Adams, a one-term mayor, had faced declining approval ratings, anemic polling, and legal challenges from a federal bribery case dismissed by the Trump administration in April 2025New York City Mayor Eric Adams suspends his reelection bid^[4]. His campaign, which raised $4 million without public funds, struggled to compete against independent candidates like former Governor Andrew Cuomo and Democratic nominee Zohran MamdaniEric Adams ends campaign for New York City mayor - ABC News^[5].

The withdrawal reshapes the November election landscape, potentially bolstering Cuomo’s independent campaign. Cuomo, who lost the Democratic primary to Mamdani by 12 points, has positioned himself as a centrist alternative to the 33-year-old democratic socialist. However, it remains unclear how many of Adams’ supporters will shift to Cuomo. Mamdani, meanwhile, has gained momentum with endorsements from New York Governor Kathy Hochul and former Vice President Kamala HarrisNew York City Mayor Eric Adams suspends his reelection bid^[4]. Republican candidate Curtis Sliwa, though criticized by Trump as "not exactly prime time," continues to runEric Adams ends campaign for New York City mayor - ABC News^[5].

Adams’ exit follows a turbulent tenure marked by corruption scandals involving his inner circle and a federal indictment in 2024. The Trump administration’s dismissal of the charges, framed by critics as a "quid pro quo" for political favors, further eroded public trust. Adams’ warm relationship with Trump, including meetings with Trump aide Steve Witkoff to discuss potential ambassadorships, drew scrutinyNew York City Mayor Eric Adams suspends his reelection bid^[4]. The mayor emphasized his legacy in reducing crime and improving public safety but acknowledged the campaign’s financial hurdlesEric Adams ends campaign for New York City mayor - ABC News^[5].

Separately, Adams has been a vocal advocate for cryptocurrency, leveraging his platform to push for the repeal of New York’s BitLicense program. Introduced in 2015, the BitLicense requires crypto firms to navigate costly compliance and capital requirements, a policy Adams criticized as stifling innovationEric Adams calls for Bitcoin bond in NYC, end to state…^[6]. At the Bitcoin 2025 conference, he proposed a "BitBond," a municipal bond backed by Bitcoin to raise capital and offer tax advantages to investorsWhat Repealing The Bitlicense Means For NYC's Crypto Scene^[7]. The concept, inspired by a Bitcoin Policy Institute model, would allocate 90% of proceeds to government spending and 10% to Bitcoin purchases, with bondholders receiving annual interest and a share of Bitcoin gainsEric Adams calls for Bitcoin bond in NYC, end to state…^[6].

The mayor’s crypto agenda aligns with broader efforts to attract blockchain firms to New York. In May, Adams announced a digital advisory council and partnerships with financial firms like Figure and TractionEric Adams calls for Bitcoin bond in NYC, end to state…^[6]. His push to repeal the BitLicense has drawn support from industry groups, which argue the regime drives businesses to more crypto-friendly states like Wyoming and TexasWhat Repealing The Bitlicense Means For NYC's Crypto Scene^[7]. However, critics warn that deregulation could exacerbate risks such as fraud and money launderingWhat Repealing The Bitlicense Means For NYC's Crypto Scene^[7].

New York’s crypto regulatory landscape remains contentious. While the state’s BitLicense has been a polarizing symbol of overregulation, federal policies under the Trump administration have shifted toward deregulation, including the dissolution of the National Cryptocurrency Enforcement Team. State-level initiatives, such as California’s delayed Digital Financial Assets Law, highlight the fragmented nature of U.S. crypto governance. Adams’ advocacy for a BitBond and BitLicense repeal underscores the tension between fostering innovation and ensuring consumer protection in a rapidly evolving sector.