Eric Adams, Crypto-Friendly NYC Mayor, Indicted for Corruption

Federal authorities have indicted New York City Mayor Eric Adams following corruption probes that have led to the retirements and resignations of multiple officials from his administration.

Adams, a former police captain, drew attention in 2021 when he announced that he would accept his first three paychecks in Bitcoin (BTC) after assuming the role of mayor.

Details of the Charges Remain Unknown

As per reports from the New York Times, the specific charges against Adams are still undisclosed since the indictments were sealed.

Information regarding an investigation into the mayor emerged in November 2023 following an FBI raid on the residence of Brianna Suggs, his chief campaign fundraiser. This investigation focused on potential illicit donations from Turkish government agents to Adams’s mayoral campaign through intermediaries.

Moreover, two ex-officials from the New York City Fire Department, Anthony Saccavino and Brian Cordasco, faced charges related to bribery and corruption. Federal authorities allege that they accepted over $190,000 in bribes for favorable treatment during building inspections and approvals.

Concerns were raised that Adams pressured members of the department to approve the construction of a 35-story Turkish consulate in Manhattan despite safety warnings. Scrutiny intensified in recent weeks, prompting several city officials, including the police commissioner and the mayor’s chief advocate, to resign.

Adams has taken a defiant position against the indictment, insisting that he will remain in office and contest all charges against him.

“If I am charged, I am innocent, and I will fight this with every ounce of my strength and spirit.”

His legal team previously stated that they conducted their own investigation, which concluded that the mayor did not engage in any unlawful behavior.

Mayor Aiming to Establish New York City as a Crypto Hub

The 69-year-old, who is the second Black mayor in the city’s 400-year history, has been a long-time proponent of cryptocurrency. Upon taking office in 2021, he vowed to make New York the “hub of the cryptocurrency industry,” even converting his first paycheck into Ethereum (ETH) and Bitcoin via Coinbase.

Nevertheless, his crypto investments caused some issues when, in July 2023, he had to revise his annual financial disclosure due to the omission of these holdings.

Despite the crypto market’s struggles after the FTX collapse in 2022, Adams reaffirmed his commitment to the asset, asserting, “These industries are not going to go away because they reached a low point.”

He maintained that all sectors undergo turmoil and face bad actors, citing his own losses in the stock market as an illustration.

His administration continuously advocates for blockchain technology, promoting its potential to enhance government services and stimulate economic growth. The first-term Democrat also supports the repeal of New York State’s stringent BitLicence requirement, arguing that it hampers progress for both the state and the city.