New York crypto scandal: Pro bitcoin mayor Eric Adams indicted for corruption

New York City Hall is in turmoil. Since his election in 2021, the mayor of New York, Eric Adams wants to make the city a crypto center. Unfortunately, although this is a topic that federal investigationthe crypto record of his command remains mixed.

Mayor of New York declared by the courts

On September 25, our colleagues from the New York Times show up that the The Mayor of New York, Eric Adams, was charged with American justice.

So, after a series of federal investigations, Eric Adams is among others accused of corruption.

Although the specific charges are not known to the public, reports suggest that several members of his team, including senior police and education officials, are involved in financial fraudof the data theft or even listening.

Eric Adams defended himself through a video speech work on social media, dismissing all allegations as “lies.”

However, although he does not want to resign despite these issues, the decision is not his alone. Of course, Governor Kathy Hochul could also decide to resign.

Hard blow for cryptos

Unfortunately, this issue does not work for our ecosystem. In fact, when he was elected in 2021, Eric Adams made cryptocurrencies a central theme of his policy.

His goal was clear: to make New York a “global crypto center,” competing with other crypto-friendly cities.

During his mandate, several actions went in this direction. Therefore, his initiatives mainly included the introduction of a pilot program that allows municipal employees to receive part of their salary in digital currency. He also tried to attract companies in the crypto field by establishing partnerships mixing public and private.

However, despite this pro-crypto stance, the reality in practice is much more complex.

Adams came against the rules that already exist in New York State, especially through the famous name BitLicense. This is a legal framework that regulates the activities of companies related to cryptocurrencies. She already is widely criticized by the industryconsidering it too strict.

Mixed crypto table

Despite his pro-crypto stance, Eric Adams’ record remains mixed. In fact, many projects are not helped by his administration. In fact, he failed to enforce strict regulations, making New York unattractive to crypto businesses.

Now, the scandals surrounding his administration and his conviction have made the situation worse. This could even have a negative impact on cryptocurrencies, if companies in the field were to be linked to the corruption charges that are overwhelming Eric Adams.

This could again have a negative impact on public opinion, which is only recovering from the FTX case that did so much damage to our industry in November 2022. For its part, the The company’s bankruptcy plan was finally approvedand details of refunds for injured consumers are beginning to emerge.