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Before cryptocurrency became a hot topic in the U.S. presidential race, the 2021 Mayoral election created a buzz in New York City. Two crypto-friendly candidates, Democrat Eric Adams and Republican Curtis Sliwa, were vying for the position. However, Adams beat Curtis to the mayoral race.
As the dust settles nearly three years later, Adams’ tenure has been overshadowed by legal troubles. This raises questions about his promises and the city’s crypto ambitions.
Legal Troubles Cast Shadow on Adams’ Tenure
Adams painted an ambitious vision for New York’s crypto future as a candidate. After winning the mayoral election in November 2021, he maintained his stance. He advocated for crypto education in schools, positioning himself as a forward-thinking leader in the crypto space.
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Nearly three years into his mayoralty, Adams was indicted by the Federal Bureau of Investigation (FBI). He is now charged with bribery, campaign finance violations, and conspiracy related to alleged criminal activities spanning almost a decade.
The levity of his fallout is significant. Seven senior officials from his administration have resigned, and several others face charges or investigations.
Naysayers Show Skepticism about Adam’s Crypto Strides
Before the legal case, Adams consistently voiced his support for crypto. He pushed for a more favorable regulatory environment and publicly criticized a two-year moratorium on new proof-of-work mining operations in New York.
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To show his seriousness about crypto, he collected his first paycheck in crypto, similar to what Miami Mayor Francis Suarez did.
In 2021, the pro-crypto Mayor launched an initiative called Citycoins, which aligned with his goal of making New York City crypto-friendly.
However, critics question whether his actions have led to any meaningful change or development in the city’s crypto initiatives.
Will New York City’s Crypto Future Remain in Limbo?
As Eric Adams grapples with legal issues, his legacy as a pro-crypto Mayor hangs in the balance. While his initial promises to elevate New York City as a cryptocurrency leader inspired many, his administration’s reality presents a more complex picture.
The ongoing tug-of-war between local ambitions and state regulations will continue to define New York City’s crypto journey, regardless of who holds the Mayor’s office in the future.
