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Eric Adams, New York’s Crypto-Friendly Mayor, Won’t Seek 2nd Term

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New York Mayor Eric Adams has announced that he would end his campaign for a second term, saying he could no longer mount a viable run.

According to his statement, the withholding of public matching funds and persistent questions about his legal past left the campaign without the money or momentum it needed.

Adams will remain in office until January 1, 2026, and his name will still appear on the November 4, 2025, ballot because the deadline to remove it has already passed.

Campaign Funds And Legal Shadows

Reports have disclosed that the city Campaign Finance Board paused matching payments to Adams’s bid, a move he said crippled fundraising.

He also faces a cloud from an indictment brought in 2024; he has pleaded not guilty. In 2025, the Department of Justice moved to drop the case, an action that drew sharp attention and allegations of political influence by critics.

Only in America. Only in New York.
Thank you for making my story a reality. pic.twitter.com/efHuyBnITJ

— Eric Adams (@ericadamsfornyc) September 28, 2025

Adams told supporters that the steady stream of questions about his legal future made it impossible to run a serious campaign. Polls showed him trailing key rivals, and donors became hesitant.

A Pro-Crypto Mayor’s Exit Could Shift Policy

Adams had positioned New York as welcoming to cryptocurrency firms and blockchain projects. According to media coverage, he pushed for measures such as a municipal Bitcoin bond and changes to the city’s BitLicense rules to make them more industry friendly.

Those efforts helped craft his image as a pro-crypto mayor. With him stepping back, the fate of those policies is less certain. Supporters in the crypto sector worry that momentum could slow without his voice in City Hall, while opponents say any successor may push for tighter consumer protections.

BTCUSD trading at $112,071 on the 24-hour chart: TradingView

The Race Reconfigured

Zohran Mamdani won the Democratic primary and now leads in general election polls. Andrew Cuomo, who lost the primary, is running as an independent and could pick up votes from those uneasy about Mamdani.

Curtis Sliwa remains the Republican contender. Adams did not endorse any candidate when he withdrew. Analysts say his exit may consolidate some anti-Mamdani voters around Cuomo, though nothing is guaranteed.

What The Withdrawal Means For Voters

Voters face a shorter list of clear choices. Adams argued that constant scrutiny and a lack of campaign funds left him with little option but to step aside.

He warned of “insidious forces” using government power to push division, language that sent ripples through local politics.

City officials and activists will now press the remaining candidates to lay out plans on jobs, housing, public safety, and how they would handle the growing but contested crypto sector in the city.

Featured image from Slaven Vlasic/Getty Images, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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SoftBank, Ark seek to join Tether’s $20b funding round: Bloomberg
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SoftBank, Ark seek to join Tether’s $20b funding round: Bloomberg

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SoftBank Group and Ark Investment Management are looking to join Tether Holdings’ latest major funding round, a deal that could catapult the stablecoin giant to the top of the list of cryptocurrency companies.

Summary

  • SoftBank, Ark Investment are among top firms looking to join Tether’s upcoming major funding round, according to Bloomberg.
  • Tether is eyeing a funding round of up to $20 billion at a $500 billion valuation.
  • The USDT issuer seeks to bolster its expansion via initiatives including artificial intelligence and energy

SoftBank and Ark, according to Bloomberg, have initiated talks over the funding round and are keen on backing Tether Holdings SA.

The round, sources say, is significant and could value the USDT issuer as high as $500 billion. In this case, the investment could elevate Tether into the bracket of the world’s most valuable private companies.

According to the report, Tether is eyeing a private placement for $15–$20 billion in exchange for about 3% of the company. Funds would go toward bolstering the stablecoin giant’s expansion efforts, including initiatives in artificial intelligence and energy.

Tether is the “Stable Company”

Plans for a mega funding round comes on the back of Tether appointing Benjamin Habbel as its new chief business officer. Habbel, the co-founder and CEO of private equity firm Limestone Capital, will lead Tether’s organizational growth, as well as the company’s finance, investments, and portfolio expansion efforts.

Tether also recently announced its plans for USAT, a U.S.-regulated stablecoin earmarked for U.S. customers and expected to launch by year-end. Former White House crypto official Bo Hines is Tether USAT’s chief executive officer.

Meanwhile, Tether (USDT), the company’s flagship project, continues to see significant expansion. 

In a recent post on X, Tether CEO Paolo Ardoino said his stablecoin “is building the largest peer-to-peer network of money movement.” He noted that daily wallet-to-wallet USDT transfers stand at over $17.4 billion, accounting for 130x growth since 2020.

“Tether isn’t just a stablecoin company – it’s The Stable Company. We’re building resilient infrastructure, advancing financial sovereignty, and pioneering a future that’s decentralised, resilient, stable, and powered by AI,’ Ardoino added in a statement.



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GameFi Guides

Polymarket, Kalshi seek funding; Gemini IPO

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Crypto markets grabbed headlines last week, from billion-dollar fundraising pushes at Polymarket and Kalshi to Gemini going public.

Tether also staked its claim in the U.S. with a new regulated stablecoin, Coinbase turned up the heat on regulators, and Binance deepened Wall Street ties with Franklin Templeton.

Meanwhile, Avalanche and HashKey unveiled ambitious treasury plans, OpenSea edged closer to its long-awaited token, and Michael Saylor’s firm continued to pile into Bitcoin as German authorities faced scrutiny over a missed multibillion-dollar BTC haul.

Prediction platforms target billion-dollar valuations

  • Polymarket received offers valuing the company at up to $9 billion.
  • Kalshi is simultaneously exploring capital raising opportunities at a $5 billion valuation.

Gemini’s public debut exceeds market expectations

  • The cryptocurrency exchange raised $425 million through its initial public offering, with shares opening at $37.01 on Nasdaq, which is 32% above the $28 pricing level.
  • Trading reached intraday highs of $45.89 before closing at $32 and valuing Gemini at around $3.3 billion.
  • The IPO pricing surpassed both the week’s expected range of $24-26 and the initial range of $17-19.

Tether introduces US-regulated stablecoin infrastructure

  • The world’s largest stablecoin issuer unveiled USAT, a dollar-backed token compliant with US regulations.
  • The company also appointed former White House crypto advisor Bo Hines to lead American operations.
  • Anchorage Digital will serve as the federally regulated issuer while Cantor Fitzgerald manages reserve assets
  • Hines, previously director of President Trump’s Crypto Council, will oversee Tether’s new US entity as the company expands into regulated American markets.

Coinbase still hung up on Gensler

  • On Sept. 11, the exchange requested federal court intervention for an “expedited, proper search” of former Securities and Exchange Commission (SEC) Chairman Gary Gensler’s erased text messages spanning one year.
  • Coinbase chief legal officer Paul Grewal addressed the matter on X: “The Gensler SEC destroyed documents they were required to preserve and produce. We now have proof from the SEC’s own Inspector General.”
  • Gensler stepped down as SEC Chair on Jan. 20. On Feb. 27, the SEC dismissed all civil enforcement action against Coinbase.

Avalanche Foundation plans billion-dollar treasury

  • The blockchain foundation aims to raise $1 billion for two cryptocurrency treasury companies holding substantial AVAX (AVAX) token positions purchased at discounted rates.
  • The structure would allow the foundation to monetize its token holdings and also create institutional investment vehicles for AVAX exposure.

Binance partners with Franklin Templeton

  • The world’s largest cryptocurrency exchange announced a collaboration with the $1.6 trillion asset manager to develop tokenized asset products
  • The partnership combines Franklin Templeton’s securities tokenization experience with Binance’s global trading infrastructure and distribution networks.

Defunct Movie2K still has 47k Bitcoin

  • Arkham Intelligence revealed that piracy website Movie2K retains 45,000 Bitcoin (BTC) that German authorities “failed to seize” during early 2024 confiscation operations involving nearly 50,000 Bitcoin.
  • The blockchain analytics firm identified additional wallets likely connected to Movie2K, which operated between 2008 and 2013 before shutting down.

OpenSea advances token generation preparations

  • The NFT platform entered the “final phase” of pre-token generation event rewards, with additional details scheduled for release in early October.
  • The announcement coincides with OpenSea’s mobile app release, integrating on-chain trading capabilities with traditional NFT marketplace functions.

Strategy maintains Bitcoin accumulation pace

  • Michael Saylor’s company purchased 1,955 BTC for $217.4 million at an average price of $111,196 per Bitcoin during the latest acquisition period.
  • Total holdings reached 638,460 Bitcoin, maintaining Strategy’s position as the largest publicly traded corporate Bitcoin holder.

HashKey launches digital asset treasury fund

  • The Hong Kong-regulated exchange announced plans for a $500 million investment fund targeting digital asset treasury companies holding mainstream cryptocurrencies.
  • Initial focus will concentrate on Bitcoin and Ethereum (ETH) treasury operations, building a diversified portfolio of corporate cryptocurrency holders.



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Chapter 2' Opening Is a Game of Hide and Seek
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Chapter 2′ Opening Is a Game of Hide and Seek

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You may not know it, but we’re a few weeks out from The Strangers: Chapter 2. To help drum up interest for the film, Lionsgate’s put out a clip from the first few minutes of the film, which picks up where 2024’s Chapter 1 concluded.

Last we left off, Maya (Madelaine Petsch) survived the attack from the titular Strangers that left her boyfriend Ryan dead, and she ended the film recuperating in the hospital. But before she can worry about her health bill, she realizes that she’s not as free of the masked murderers as she thought, leading to her scrambling to avoid them any way she can, including hiding out in the morgue.

Speaking to Entertainment Weekly, Petsch teased this next chapter in the The Strangers saga would offer more insight into the town of Venus, Oregon. The events of the sequel will span “almost the entirety” of the town, the actor said, and zero in on about 15 townspeople to understand how Venus got like this. Two particular characters of interest are Gregory (Gabriel Basso), Maya’s fellow roommate in the hospital, and Danica (Brooke Lena Johnson), the hospital nurse tending to them both.

Petsch called the value in the Strangers franchise its lead killers being “just real people who want to kill you” and said they’d also get some fleshing out during Chapter 2. What that entails, Lionsgate is keeping close to the vest, but what Maya goes through will take a toll on her “mentally, emotionally, and physically. We help the audience see that by showing a lot of her point of view and her questioning reality because she’s so exhausted…she’s starting to lose her grip on reality.”

This is a “character-driven horror” film, said Petsch, who also teased the already-made Chapter 3 could “turn [Maya] into a killer. When all three come out and people watch them, they’ll get that satisfaction they’re looking for.” We’ll see how that turns out when The Strangers: Chapter 2 hits theaters on September 26.

Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who.



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GameFi Guides

US Lawmakers Seek Treasury Report on Feasibility, Security of Government-Held Bitcoin

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In brief

  • If passed, Treasury would have 90 days to report on feasibility, legal authority, custody, and cybersecurity.
  • The bill also calls for details on interagency transfers and balance sheet treatment of digital assets.
  • Federal definitions could set benchmarks for custody and accounting across the industry, Decrypt was told.

Two sections of a U.S. House appropriations bill filed Friday seek to require the Treasury Department to study the feasibility of a Strategic Bitcoin Reserve and outline custody, cybersecurity, and accounting for government-held digital assets.

Reported by Representative David Joyce (R-OH), the bill was approved by the House Appropriations Committee and, on September 5, was placed on the Union Calendar, the docket for House measures involving spending and revenue that are eligible for floor consideration.

The congressman’s press office did not immediately return Decrypt’s request for comment.



Lawmakers now want the Treasury to determine whether a reserve is feasible and to spell out how it would be governed, from custody and cybersecurity to legal authority and interagency coordination.

Section 137 of the bill instructs the Treasury to report on “the practicability of establishing a Strategic Bitcoin Reserve and United States Digital Asset Stockpile,” including its impact on the Treasury Forfeiture Fund and the authorities that could enable asset transfers.

Section 138, meanwhile, requires a 90-day plan covering “custody architecture, legal authorities, cybersecurity protocols, and interagency procedures” for digital assets held by the federal government.

“If passed, this will mean that the Treasury is tackling the exact same operational and legal issues every institutional custodian in this space faces,” Kurt Watkins, founder of tech-focused law firm Watkins Legal, told Decrypt. 

Once set, the Treasury would define “custody standards, key management practices, and accounting treatment for Bitcoin at the federal level,” with those choices likely setting “a baseline for the broader industry,” Watkins said.

The provisions build on President Donald Trump’s March executive order, which created the reserve in concept.

“Trump’s executive order created the framework for a Strategic Bitcoin Reserve, but it left the mechanics vague,” Watkins said.

The bill suggests that Congress is “now moving to enshrine it into law and requiring that the US Treasury Department fill in the blanks,” Watkins said. 

Assuming the bill passes, Treasury has to “lay out whether a reserve is practicable, how custody would be structured, what legal authority it would rely on,” he explained.

Further, it would also seek to define “what cybersecurity protections would be in place, how interagency transfers would work, and even how Bitcoin and other digital assets would be booked on the government’s balance sheet,” Watkins said.

The bill now awaits consideration on the House floor, where its progress will hinge on wider negotiations over federal spending.

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Brothers Seek to Block Google Search History in $25M Crypto Heist Case

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In brief

  • Brothers Anton and James Peraire-Bueno filed motions Friday to exclude Google search evidence, claiming prosecutors want to use searches for legal terms to prove criminal intent in their alleged 12-second Ethereum blockchain exploit.
  • The defense says the searches occurred during attorney consultations after being threatened by “anonymous sandwich attackers” and would force them to waive privilege to explain the context.
  • If convicted, the brothers face up to 20 years in prison per count, in what prosecutors call the first criminal case over MEV-boost blockchain exploitation.

Two MIT-educated brothers accused of allegedly stealing $25 million in crypto through a blockchain exploit are fighting to keep their Google search history out of court, saying federal prosecutors want to unfairly use searches for “top crypto lawyers” and “wire fraud statute of limitations” to prove criminal intent.

Anton and James Peraire-Bueno filed the motion in Manhattan federal court on Friday, claiming the searches are “unfairly prejudicial” and occurred during privileged attorney consultations following their alleged April 2023 heist.

U.S. District Judge Jessica G.L. Clarke must now decide whether searches conducted after the alleged crime can demonstrate consciousness of guilt or simply reflect prudent legal consultation during the investigation.



The brothers were arrested in May 2024 on conspiracy, wire fraud, and money laundering charges, with prosecutors calling it a “first-of-its-kind manipulation of the Ethereum blockchain.” 

Authorities allege they used their “specialized skills and education” to exploit Ethereum’s MEV-boost system in April 2023, fraudulently intercepting private transactions and diverting $25 million in just 12 seconds.

Court documents reveal they retained counsel immediately after being “threatened by anonymous sandwich attackers” who demanded the return of the allegedly stolen funds.

Defense attorneys provided detailed privilege logs showing Google searches coincided precisely with attorney communications.

A search for “top crypto lawyers” occurred the same day as “communications with potential counsel seeking legal representation,” according to court filings.

“For the government to argue its preferred inference (i.e., consciousness of guilt of the alleged crimes), the government would first need to establish that any given search was connected to this case,” the brothers said in the motion. “But the contents of the searches themselves do not show that.”

The defense claims prosecutors lack witnesses who can provide context for the searches, making any criminal inference “purely speculative.”

“Google search histories can be used as hints, but they’re context-dependent,” Even Alex Chandra, partner at IGNOS Law Alliance, told Decrypt. “The mere fact that someone googled something isn’t automatic proof of intent or guilt.”

“Post-conduct searches are weaker evidence,” he said, compared to searches conducted before alleged crimes, which can show planning or intent.

“It still needs corroborating evidence showing that the searches align with criminal intent,” he added. “Since it would be dangerous if Google searches are determinative alone.”

The brothers also moved to exclude news articles as hearsay with “inflammatory descriptions,” and to block a Twitter screenshot of their alleged “false signature,” saying prosecutors cannot authenticate an image from pseudonymous researcher samczsun’s tweet.

Each brother faces up to 20 years in prison per count if convicted.

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Wealthy Asian Investors Seek Digital Assets
NFT Gaming

Wealthy Asian Investors Seek Digital Assets

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Wealth managers in Asia have noticed a surge in demand for crypto assets as mainstream adoption and broader regulatory shifts drive prices to new highs. A recent report shared that wealthy Asian investors are seeking to grow their digital asset portfolios.

High-Net-Worth Investors Bet On Crypto

Wealthy Asian families and family offices are reportedly planning to increase their cryptocurrency investments amid the bullish market, mainstream adoption, and positive regulatory developments in multiple jurisdictions, including the US and Hong Kong.

In a Thursday report, Reuters revealed that high-net-worth Asian investors are seeking more exposure to crypto assets, with wealth managers receiving more inquiries, crypto funds seeing an increase in demand, and exchanges’ trading volumes surging.

Jason Huang, founder of NextGen Digital Venture, told the news media outlet that they had raised over $100 million in just a few months for a new long-short crypto equity fund launched in May.

He noted that the response from Limited Partners (LPs) that represent high-net-worth individuals “has been encouraging,” adding that his firm’s investors, which are mainly family offices and fintech entrepreneurs, recognize the “growing role of digital assets in diversified portfolios.”

Swiss investment bank UBS said that some overseas Chinese family offices are looking to raise their crypto exposure to approximately 5% of their portfolio. Lu Zijie, head of wealth management at UBS China, shared that many second and third-generation members of multiple family offices are starting to learn about digital assets and how to participate.

Meanwhile, some wealth managers highlighted a mindset shift among Asian clients over the last few years, moving from a small allocation to embracing the crypto sector as a “must-have” in their portfolios. Reportedly, investors are increasingly treating Bitcoin as a “portfolio diversifier” to protect themselves against macro uncertainties due to its low correlation with stocks and bonds.

Zann Kwan, CIO at Singapore-based Revo Digital Family Office, affirmed that family offices “started to dip their feet” into spot Bitcoin exchange-traded funds (ETFs) last year following the approval of the crypto-based investment products in the US. “Now they have begun to learn the difference of holding a token directly,” he added.

Asia’s Market Gains Momentum

Reuters noted that the surging interest of Asian high-net-worth investors follows the recent market rally, which saw Bitcoin hit a new all-time high (ATH) of $124,128 last week, as well as positive regulatory developments, including the enactment of the GENIUS Act in the US and the passage of Hong Kong’s stablecoin legislation.

Cryptocurrency exchanges have also benefited from the increase in trading demand, with the number of registered users at Hong Kong’s HashKey exchange surging 85% year-on-year (YoY) by August.

As reported by Bitcoinist, Hong Kong’s new stablecoin framework has sparked a frenzy of fundraising activity among fintech firms, raising around $1.5 billion via share placements to invest in stablecoins, blockchain payment systems, and digital assets.

South Korea, Malaysia, Thailand, and the Philippines are also experiencing high interest in Asian-pegged stablecoins despite authorities’ concerns of capital outflows, while Japan and China explore launching their stablecoins.

Meanwhile, the broader stablecoin push has seen investors shift from US big tech stocks to crypto-related equities. Recent data revealed that South Korean individuals investing in overseas stocks have shifted from US big tech equities to crypto-linked stocks over the past two months, with increasing interest in stablecoin-related companies.

Bitcoin (BTC) trades at $112,340 in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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