As the New York mayoral race reaches its peak, Andrew Cuomo has introduced a plan centered on cryptocurrency and artificial intelligence for the city. His proposal includes the establishment of a new office dedicated to attracting technology companies, particularly in the cryptocurrency and blockchain sectors.
Cuomo’s announcement, made recently, comes as he trails significantly behind leading Democratic candidate Zohran Mamdani. Despite his hopes to position the city as a hub for digital currencies, independence reports suggest that the impact of Cuomo’s previous endeavors in the crypto sphere has been mixed. Many startups have indeed emerged, but existing companies report minimal growth and influence from the mayor’s office.
We are now just two weeks out from the election, and Cuomo’s efforts to engage the crypto industry may not be sufficient to close the gap with Mamdani.
Cuomo’s Crypto Strategy Under Mamdani’s Shadow
Cuomo’s campaign recently disclosed plans to appoint a ‘chief innovation officer’ should he win, aiming to facilitate collaboration across blockchain, biotech, and AI sectors. He emphasized, “The next mayor must ensure that we excel in the technologies defining our future — AI, blockchain, and biotech. This role’s essence is to maintain New York City’s competitiveness in the global innovation landscape.”
This pivot towards cryptocurrency lobbies seems logical, particularly as these groups have set new benchmarks for campaign financing, amplifying crypto regulation as a priority in Congress.
The Winklevoss twins, prominent figures in the crypto investment world, expressed strong criticism towards Mamdani. Additionally, pro-crypto investors, including Bill Ackman, have recently supported Cuomo’s campaign financially.
Nonetheless, a recent AARP poll indicates that Mamdani continues to maintain a significant lead with 43.2% support compared to Cuomo’s 28.9%. Concerns surrounding the cost of living dominate voter priorities, overshadowing crypto issues.
Furthermore, Wall Street analysis suggests a more nuanced outlook regarding Mamdani, with varied support across job roles influencing perceptions of his potential leadership.
The Limited Influence of the NYC Mayor on Crypto
Regardless of whether Cuomo manages to increase his standings by election day on November 4, the jurisdictional power of a mayor over crypto affairs remains questionable. Previous mayor Eric Adams had endeavored to cultivate the city as a crypto cornerstone, even opting for his salary to be rendered in Bitcoin. However, doubts persist about the success of such strategies.
In summary, even should Cuomo or Mamdani secure the mayoralty, any substantive influence on cryptocurrency policy will likely require navigating through state regulatory pathways.
