According to his statement, the withholding of public matching funds and persistent questions about his legal past left the campaign without the money or momentum it needed.
He also faces a cloud from an indictment brought in 2024; he has pleaded not guilty. In 2025, the Department of Justice moved to drop the case, an action that drew sharp attention and allegations of political influence by critics.
Adams told supporters that the steady stream of questions about his legal future made it impossible to run a serious campaign. Polls showed him trailing key rivals, and donors became hesitant.
Adams had positioned New York as welcoming to cryptocurrency firms and blockchain projects. According to media coverage, he pushed for measures such as a municipal Bitcoin bond and changes to the city’s BitLicense rules to make them more industry friendly.
Those efforts helped craft his image as a pro-crypto mayor. With him stepping back, the fate of those policies is less certain. Supporters in the crypto sector worry that momentum could slow without his voice in City Hall, while opponents say any successor may push for tighter consumer protections.
Curtis Sliwa remains the Republican contender. Adams did not endorse any candidate when he withdrew. Analysts say his exit may consolidate some anti-Mamdani voters around Cuomo, though nothing is guaranteed.
Voters face a shorter list of clear choices. Adams argued that constant scrutiny and a lack of campaign funds left him with little option but to step aside.
He warned of “insidious forces” using government power to push division, language that sent ripples through local politics.
City officials and activists will now press the remaining candidates to lay out plans on jobs, housing, public safety, and how they would handle the growing but contested crypto sector in the city.
Featured image from Slaven Vlasic/Getty Images, chart from TradingView
