Pro-crypto NYC Mayor Eric Adams drops out of reelection race, citing finance woes

New York City mayor Eric Adams has suspended his mayoral reelection campaign, the latest twist in the closely-watched race to run the largest city in the United States. 

Adams cited media speculation and campaign finance woes as his chief reasons for suspending his campaign in a nearly nine-minute video posted to X on Sunday. 

"The constant media speculation about my future and the campaign finance board's decision to withhold millions of dollars have undermined my ability to raise the funds needed for a serious campaign," Adams said. "I will keep fighting for the city no matter what, from City Hall or beyond, because I am a New Yorker." 

Though Adams did not explicitly mention crypto in his announcement, Adams was a pro-crypto voice in New York City, taking his first three paychecks in Bitcoin and spearheading the city's first crypto summit .

"I want to reiterate — if you're in the crypto, blockchain, Web3, or the fintech space, New York City is open for business," Adams said at the summit in May. 

Adams had also called for New York to get rid of its BitLicense regulation, which makes New York one of the strictest crypto jurisdictions in the country. "Let's get rid of the Bitcoin license and allow us to have the free flow of Bitcoin in our city," Adams said in May. 

The mayor did not endorse any of his three rivals: Democratic nominee Zohran Mamdani, former New York Governor Andrew Cuomo (who is running as an independent), or Republican nominee and Guardian Angels founder Curtis Sliwa. A Polymarket prediction market for the race saw Cuomo receive an uptick in support following Adams' announcement, bringing his projected chance from 11% to nearly 15%. Mamdani is the overwhelming favorite to win, with an 84.6% shot on the market.