Crypto voters to focus on the next New York City mayoral election

Crypto voters will be turning their attention to the mayoral election in New York City as the next battleground. The candidate representing the Democratic Party, Zohran Mamdani, will be facing a field of candidates in November, including those who have taken a firm stance on crypto and blockchain in the past.

Mamdani defeated former New York Governor Andrew Cuomo on Tuesday, with 43.5% of the vote in New York City’s Democratic primary, snatching the flag to represent the party. The victory put the former New York State Assembly member in competition with Republican candidate Curtis Sliwa, current NYC Mayor Eric Adams, and Cuomo, who is expected to run as an independent candidate following his loss in the primary. Aside from Mamdani, all the major candidates have previously taken a favorable stance on the crypto industry.

Crypto voters could decide New York mayoral election

Current New York City Mayor Eric Adams first ran for mayor as a Democrat in 2021. During his campaign, he said he would accept his first three paychecks in Bitcoin. He has gone on to speak at crypto conferences, propose Bitcoin-backed municipal bonds, and hold a digital asset summit at the mayoral residence.

Sliwa is expected to fall behind Mamdani in the pecking order, according to polls also ran against Adams in 2021. During his campaign, Sliwa also made many pro-crypto promises, appealing to the crypto population that was just opening up in the country. He promised to open more crypto ATMs in New York City and create a reward-based program for local businesses to accept digital assets.

Cuomo, on the other hand, worked as an adviser for crypto exchange OKX in 2021 as United States authorities were investigating the company for operating a licensed money-transmitting business. According to a Bloomberg report at the time, the former New York City governor took up the job in August 2021 when he resigned as New York governor. “He spoke with company executives regularly and counseled them on how to respond to the criminal investigation,” the Bloomberg report said.

Mamdani has also criticized Cuomo’s involvement with the exchange. “Andrew Cuomo could’ve spent the years since his resignation making amends and helping New Yorkers,” his April 2 post on X said. “Instead he hounded the women who spoke out about his serial harassment, fought to keep his book deal millions … and advised a foreign exchange that broke US law.”

Popular crypto figures oppose Mamdani

Since his win at the primaries, Mamdani has faced opposition from prominent figures in the industry, including Gemini co-founder Cameron Winklevoss. Tyler Winklevoss also hinted at “get[ting] involved in the NYC mayor race,” suggesting the financial backing of a candidate that could defeat Mamdani.

The Winklevoss brothers were also involved in the United States presidential election in 2024, pledging millions of dollars to eventual winner Donald Trump’s campaign. Aside from those two, Bitcoin proponent and CEO of Professional Capital Management, Anthony Pompliano has also called on New Yorkers to oppose Mamdani.

Hedge fund manager Bill Ackman also suggested that he was interested in backing any candidate with a chance of defeating Mamdani. “There are hundreds of millions of dollars of capital available to back a competitor to Mamdani that can be put together overnight … so that a great alternative candidate won’t spend any time raising funds. So, if the right candidate would raise his or her hand tomorrow, the funds will pour in,” he said.

Whoever emerges as the winner in the mayoral election could have a significant impact on New York City’s crypto policies. New York City is one of the biggest business centers in the United States. It houses several crypto firms, including Gemini crypto exchange, payments company Moonpay, and stablecoin issuers Paxos and Circle. “If you’re in the crypto, blockchain, Web3, or the fintech space, New York City is open for business,” said Mayor Adams on May 12.

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