New York City Mayor Eric Adams, known for his strong support of cryptocurrency, was indicted on federal criminal charges on Wednesday, making him the first sitting NYC mayor to face such charges. The indictment, which remains sealed, stems from a lengthy FBI investigation into Adams’ 2021 mayoral campaign and potential illegal foreign donations.
Corruption Probe Focuses on Campaign Donations
The investigation, launched in 2021, is looking into whether Adams received illicit contributions from the Turkish government and whether he pressured city officials to approve a controversial high-rise Turkish consulate in New York City. Adams has denied all allegations, framing the indictment as politically motivated. “If I’m charged, I know I am innocent,” Adams said in a video statement.
Political and Legal Ramifications
Adams’ indictment puts his political future in jeopardy, as the charges could impact his re-election campaign for 2025. Federal authorities are also investigating potential benefits Adams received, such as flight upgrades from Turkish Airlines. In the meantime, Governor Kathy Hochul has the authority to remove Adams from office if the charges prevent him from governing effectively.
Adams, a vocal advocate for cryptocurrency, has been a major proponent of making New York City a hub for digital assets. Shortly after taking office in January 2022, Adams pledged to receive his first paychecks in Bitcoin and Ethereum, cementing his position as a pro-crypto leader in one of the world's financial capitals.
Source: Decrypt
