Zohran Mamdani, the Democratic Party candidate for New York City mayor, will be facing a field of candidates in November, including those who have previously taken firm positions on crypto and blockchain.
On Tuesday, Mamdani defeated former New York Governor Andrew Cuomo with 43.5% of the vote in New York City’s Democratic primary. The victory will put the New York State Assembly member in competition with Republican candidate Curtis Sliwa, current NYC Mayor Eric Adams, and Cuomo, who reportedly will be running as an independent candidate following the primary loss.
With the exception of Mamdani, all major candidates have previously held positions favoring the cryptocurrency industry.
Adams first ran for mayor as a Democrat in 2021, saying he would accept his first three paychecks in Bitcoin (BTC). He has gone on to speak at crypto conferences, propose BTC-backed municipal bonds and hold a digital asset summit at the mayoral residence.
Sliwa, though falling behind Mamdani according to many polls, ran against Adams in 2021 on pro-crypto campaign messaging. His platform included plans to open more crypto ATMs in New York City and incentivize local businesses to accept digital assets.
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Meanwhile, Cuomo reportedly advised cryptocurrency exchange OKX in 2021 as US authorities were probing the company for operating an unlicensed money-transmitting business. The exchange ended up paying $505 million in fines and penalties.
Mamdani has publicly criticized Cuomo’s involvement with the exchange. “Andrew Cuomo could’ve spent the years since his resignation making amends and helping New Yorkers,” he said in an April 2 X post. “Instead he hounded the women who spoke out about his serial harassment, fought to keep his book deal millions… and advised a foreign crypto exchange that broke US law.”
Mamdani faces opposition from crypto figures
Since his primary win, Mamdani has faced public opposition from significant figures in the crypto industry, including Gemini co-founder Cameron Winklevoss. Tyler Winklevoss also floated the idea of “get[ting] involved in the NYC mayor race,” suggesting financial support for a candidate to defeat Mamdani.
Both brothers got involved in the 2024 US presidential election, pledging millions of dollars to then-candidate Donald Trump’s campaign. Anthony “Pomp” Pompliano, a Bitcoin proponent and the founder and CEO of Professional Capital Management, who also attended a Trump campaign event in New York City, called on New Yorkers to oppose Mamdani.
Hedge fund manager Bill Ackman, with a reported net worth of more than $9 billion, also suggested that he would back any candidate with a chance of defeating Mamdani in the general election:
“[T]here are hundreds of million 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.”
Cointelegraph reached out to Mamdani’s campaign for comment but had not received a response at the time of publication.
What impact can a NYC mayor have on the global crypto industry?
Whoever wins the November election could have a significant impact on New York City’s crypto policies. As one of the biggest business centers in the United States, the city is the headquarters of several crypto firms, including stablecoin issuers Paxos and Circle, cryptocurrency exchange Gemini, and payments company MoonPay.
“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.
At the state level, New York’s Department of Financial Services has required businesses offering crypto-related services and products to apply for a BitLicense since 2015. Though many have criticized the licensing program — including Adams — any future NYC mayor seeking change would likely only be able to apply political pressure to the state’s legislators.
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