Democratic candidate for New York City Mayor, Zohran Mamdani, will face a number of candidates in November, including those who have previously taken a strong stance on cryptocurrency and blockchain.
On Tuesday (June 24), Mamdani defeated former New York Governor Andrew Cuomo in the New York City Democratic primary with 43.5% of the vote. This victory positions the New York State Assembly member to compete against Republican candidate Curtis Sliwa, current New York City Mayor Eric Adams, and Cuomo, who is reportedly planning to run as an independent candidate after losing in the primary.
Aside from Mamdani, all major candidates have previously held supportive positions on the cryptocurrency industry.
Adams stated during his first campaign for mayor as a Democrat in 2021 that he would accept his first three paychecks in Bitcoin (BTC). He has also spoken at cryptocurrency conferences, proposing the issuance of BTC-based municipal bonds and hosting a digital assets summit at the mayor's residence.
Despite many polls showing Sliwa trailing Mamdani, he adopted a pro-cryptocurrency campaign message when competing against Adams in 2021. His platform includes plans to open more cryptocurrency ATMs in New York City and incentivize local businesses to accept digital assets.
Meanwhile, Cuomo reportedly advised the cryptocurrency exchange OKX in 2021 while U.S. authorities were investigating the company for operating an unlicensed money transmission business. Ultimately, the exchange paid $505 million in fines and penalties.
Mamdani has publicly criticized Cuomo's collaboration with the exchange. "Andrew Cuomo could have made amends in the years since his resignation and helped New Yorkers," he said in an X post on April 2. "Instead, he harassed women who exposed his continuous harassment, worked to preserve his multi-million dollar book deal, and advised a foreign cryptocurrency exchange that violated U.S. laws."
Since winning the primary, Mamdani has faced public opposition from significant figures in the cryptocurrency industry, including Gemini co-founder Cameron Winklevoss. Tyler Winklevoss has also floated the idea of "getting involved in the New York City mayoral race," suggesting financial support for a candidate to defeat Mamdani.
The two brothers participated in the 2024 U.S. presidential election, pledging millions of dollars to support then-candidate Donald Trump's campaign. Bitcoin supporter and founder and CEO of Professional Capital Management, Anthony "Pomp" Pompliano, also attended a Trump campaign event in New York City, calling on New Yorkers to oppose Mamdani.
Hedge fund manager Bill Ackman, whose net worth is reportedly over $9 billion, has also suggested he would support any candidate likely to defeat Mamdani in the election: "Hundreds of millions of dollars in capital can be gathered overnight to support Mamdani's opponent, so a strong alternative candidate doesn't have to spend time fundraising. Therefore, if the right candidate raises their hand tomorrow, the money will flow in."
Cointelegraph reached out to Mamdani's campaign team for comment but had not received a response by the time of publication.
Whoever wins the election in November could have a significant impact on cryptocurrency policy in New York City. As one of the largest business centers in the U.S., the city is home to several cryptocurrency companies, including stablecoin issuers Paxos and Circle, cryptocurrency exchange Gemini, and payment company MoonPay.
"If you're in cryptocurrency, blockchain, Web3, or fintech, New York City welcomes you," Mayor Adams said on May 12.
At the state level, the New York Department of Financial Services has required businesses offering cryptocurrency-related services and products to apply for a BitLicense since 2015. Although many, including Adams, have criticized this licensing scheme, any future New York City mayor seeking change may only be able to exert political pressure on state legislators.
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Original article: “Crypto Supporters View New York City Mayoral Race as Next Battleground”
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