According to the source, pro-crypto NYC Mayor Eric Adams has ended his reelection bid citing financial struggles and had previously advocated for a city-launched Bitcoin bond, a stance relevant to municipal crypto finance. According to the source, Adams’s earlier push for a New York Bitcoin bond highlighted potential municipal participation in BTC-linked debt instruments that now face uncertain political sponsorship. According to the New York State Department of Financial Services (NYDFS), New York’s BitLicense regime is administered at the state level, so licensing and operating conditions for crypto exchanges serving New York customers remain unaffected by changes in the NYC mayor’s office.