Despite Andrew Cuomo's proposal to make New York City a cryptocurrency hub, the former New York governor is still significantly trailing behind Democratic frontrunner Zohran Mamdani.
On Sunday, Cuomo unveiled a plan to establish a new agency aimed at attracting emerging tech companies, including those in cryptocurrency and blockchain.
This initiative continues the similar policies of current Mayor Eric Adams, but the results have been mixed so far. According to reports from the mayor's office, many cryptocurrency startups have emerged in New York, but existing companies have seen little change. Some believe that the mayor's office has limited influence over the direction of the cryptocurrency industry or whether it develops at all.
With only two weeks left until the mayoral election, Cuomo is attempting a "last-ditch effort" to attract the cryptocurrency industry, but this may not help him gain an advantage over the frontrunner.
Cuomo's campaign team announced on Sunday that if elected, he would establish a "Chief Innovation Officer" within the government to attract businesses in emerging technology fields. He would also form an "Innovation Council" with members from the blockchain, biotechnology, and artificial intelligence industries.
Cuomo stated, "The next mayor must ensure that we remain at the forefront of the technologies that will define the next century—artificial intelligence, blockchain, and biotechnology. The establishment of this position is meant to ensure that New York City is not only competitive but also a leader in the global innovation economy."
The strategy of courting the cryptocurrency industry's lobbying groups is easily understood. Cryptocurrency lobbying groups have set fundraising records for the 2024 elections and have made digital asset regulation a priority for Washington lawmakers.
Reportedly, the Winklevoss brothers have donated over $30 million to cryptocurrency lobbying groups this year, and they have also strongly criticized Cuomo's main competitor, Democratic candidate Zohran Mamdani.
In a lengthy post on social media platform X in June about whether to "support a candidate who can defeat Zohran Mamdani in the New York City mayoral election," Tyler Winklevoss harshly criticized Mamdani and the entire Democratic Party.
He described the Democrat-run city as "a broken thieves' rule," and stated that "anarchism and socialism are the next logical steps in this story." He believes that financiers and hedge fund managers have failed to "protect the system that allowed them to succeed and have also failed to protect the system that once made New York City the greatest city in the world."
Reportedly, these hedge fund managers and financiers, including pro-cryptocurrency Pershing Square CEO Bill Ackman, have donated millions to Cuomo's campaign team in recent weeks.
However, securing support from pro-cryptocurrency hedge funds may still be difficult for Cuomo. According to a recent AARP poll, Mamdani leads with 43.2% support, Cuomo has 28.9%, and Guardian Angels founder Curtis Sliwa has 19.4%, with 8.4% of respondents undecided or choosing other candidates.
Cryptocurrency has not emerged as a top concern for respondents. AARP noted, "Nearly two-thirds of voters still list the cost of living as the primary issue, with public safety and housing affordability also being key. While there are concerns about the direction of the city, voter optimism about future improvements under new leadership has slightly increased since the August poll."
According to the latest analysis from Business Insider, Mamdani has strong support in more "back-office" positions. Wealthier management roles tend to support Cuomo, while employees in technology, human resources, operations, and intelligence departments clearly lean towards Mamdani.
Even if Cuomo achieves a "miraculous turnaround" and wins on November 4, the mayor's office will still have limited influence over cryptocurrency policy.
Current Mayor Eric Adams has attempted to position New York City as a cryptocurrency hub. He first expressed support for cryptocurrency by accepting his salary in Bitcoin (BTC) and opposing a state-level ban on cryptocurrency mining. In February 2023, the City Council's Technology Committee held a meeting to discuss blockchain, cryptocurrency, and other innovative digital tools.
However, as of 2024, very few believe Adams has delivered on his promises. According to Thomas Pacchia, founder of the Bitcoin-themed bar PubKey, in a previous interview with Cointelegraph, he has not noticed a significant change in public sentiment.
But this has not deterred Adams from trying. The mayor continues to work to attract the cryptocurrency industry, announcing earlier this year a cryptocurrency summit to meet with top executives. In May, the New York Office of Technology and Innovation (OTI) told Cointelegraph, "Cryptocurrency and blockchain are our fastest-growing tech sectors in terms of startups."
Last week, Adams announced the establishment of the New York City Office of Digital Assets and Blockchain, with goals including "driving innovation and development while guiding the responsible growth of New York City's cryptocurrency and blockchain ecosystem."
According to OTI, "Since 2019, cryptocurrency startups have grown by 177%, and blockchain startups have grown by 143%. New York City has 172 cryptocurrency startups, compared to 151 in San Francisco. New York City also has 262 blockchain startups, while San Francisco has 251."
It remains unclear to what extent these growth figures can be attributed to city-level cryptocurrency-related initiatives. The mayor's office has considerable influence over key business matters such as municipal taxation, licensing, and building approvals, but financial policies and regulatory frameworks targeting the financial industry are primarily set at the state and federal levels.
Even if the next mayor, whether Cuomo or Mamdani, hopes to influence the cryptocurrency industry, they will likely need to go through state-level regulatory agencies first.
Related: From Rebates to Contract Points: The Next Stop for Cryptocurrency Trading Incentives
Original: “Andrew Cuomo's Crypto 'Hail Mary' Likely Won't Give Him an Edge Over Mamdani”
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