- September 27, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Serious charges against New York City Mayor Eric Adams might rock the foundation of his administration.
Authorities have recently revealed federal allegations against him, alleging that he took bribes and unlawful campaign contributions from foreign nationals, specifically Turkish officials and businessmen.
The indictment presents an alarming picture of corruption that extends into his current position as mayor and begins during his tenure as Brooklyn Borough President.
The Charges Made Against Eric Adams
Adams allegedly collected over $100,000 in luxury travel privileges, including free flights and hotel stays, in exchange for treating Turkish interests favorably, according to a series of actions detailed in the 57-page indictment.
He allegedly received preferential treatment at upscale hotels in Turkey, for instance, which he neglected to declare as required by law. Instead, he developed a false paper trail to indicate that he was the one who covered the cost of these benefits.
Moreover, it alleges that Adams turned to so-called “straw donors,” people who fabricated the fact of giving money to his campaign to collect funds.
This campaign, the indictment further alleges, made him eligible for virtually $10 million in public matching funds intended to amplify the voices of ordinary New Yorkers in elections.
US Atty. Damian Williams disclosed: “These acts undermine the public’s faith in our institutions and erode the principles of our democracy.”
An Advocate Of Cryptocurrency
Adams has positioned himself as a pro-crypto mayor, advocating for New York City to become a hub for cryptocurrency innovation.
In fact, he has already pledged on taking his first three paychecks in Bitcoin, which further presents him as a strong virtual currency user.
Investors and Tech enthusiasts have taken note of that posture. However, the efforts he exerts to give New York that branding as a leader in the cryptocurrencies market would be shadowed by these alleged corruption issues against him.
Critics may question whether his pro-crypto rhetoric was merely a distraction from more serious issues at hand.
Just days after news broke of the indictment, Adams vowed to fight the charges with “every ounce of my strength” in a video message.
He described the allegations as “absolutely false” and claimed they stem from his commitment to serving New Yorkers.
He refuses to back down from his position in defiance of the growing body of evidence against him.
Political Repercussions
These claims have very bad effects. Politicians and citizens alike, including Rep. Alexandria Ocasio-Cortez, are calling for accountability and Adams’s removal.
Yet key political leaders such as Senate Majority Leader Chuck Schumer and Governor Kathy Hochul have yet to publicly call for his departure from office.
Featured image from Seth Wenig/AP Photo, chart from TradingView
