President Donald Trump’s growing involvement in digital assets also plays a role in the trades that the ETFs will track. Meanwhile, New York City Mayor Eric Adams withdrew from his reelection campaign, due to financial challenges and ongoing scandals. Adams wanted to position New York as a potential global crypto hub, and pushed for a Bitcoin bond, repealing the BitLicense, and launching a digital advisory council. His exit raised uncertainty about whether the city’s next leadership will support the industry with the same enthusiasm.