Crypto-friendly NYC mayor Eric Adams indicted in corruption probe

Federal prosecutors have indicted New York City Mayor Eric Adams following corruption investigations that have led to the retirement and resignation of several members of his administration.

Adams, a former police captain, made headlines in 2021 when he pledged to take his first three paychecks in Bitcoin (BTC) when he became mayor.

The charges are unclear

According to reports from the New York Times, it remains unclear what Adams is accused of since the indictments were unsealed.

News of an investigation into the mayor emerged in November 2023 when FBI agents raided the home of Brianna Suggs, his main campaign fundraiser. The raid was part of an investigation into whether Turkish government agents had donated to Adams’ mayoral campaign through intermediaries.

In addition, two former New York City Fire Department officials, Anthony Saccavino and Brian Cordasco, were charged with bribery and corruption. Federal investigators accused the duo of taking more than $190,000 in kickbacks for preferential treatment in building inspections and approvals.

He also worried that Adams had pressured members of the department to open the 35-story Turkish consulate in Manhattan, despite security concerns. However, the scrutiny has intensified in recent weeks, forcing several city officials, including the police commissioner and the mayor’s chief attorney, to resign.

Adams has taken a defiant stance against the impeachment and has vowed to stand in office and fight all charges brought against him.

“If I am accused, I am innocent, and I will fight this with all my strength and spirit.”

His legal team previously claimed it had conducted its own investigation, which found the mayor was not guilty of any illegal conduct.

The mayor is pushing to make New York City a crypto hub

The 69-year-old, who is only the second black mayor in the city’s 400-year history, has been a long-term champion of crypto. When he took office in 2021, he promised to make New York the “hub of the cryptocurrency industry,” even converting his first salary into Ethereum (ETH) and Bitcoin through Coinbase.

However, his crypto holdings put him in a spot of bother when, in July 2023, he was forced to update his annual financial disclosure after omitting them.

Even with crypto suffering the consequences of the FTX collapse in 2022, Adams doubled down on the asset, stating, “These industries are not going away because they hit a low point.”

He then argued that all sectors have their share of upheavals and bad actors, citing the losses he had made in the stock market as an example.

His administration has repeatedly defended blockchain, describing it as a useful tool to improve government services and stimulate the economy. The first-term Democrat is also a proponent of removing New York State’s strict BitLicence rule, saying it puts the state and city at a disadvantage.

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