Zohran Mamdani won the New York City mayoral primary on June 24, drawing widespread attention and discussion from the elite of the cryptocurrency industry.
Mamdani will compete against incumbent Mayor Eric Adams in November. Many in the crypto industry are concerned about Mamdani's potential victory. Industry executives and some government officials who lean towards supporting crypto have criticized his policy proposals, with some opponents even comparing his leftist policies to Soviet-style collectivism.
Mamdani has proposed several specific policy positions that are even more radical than the Democratic mainstream, but he has rarely made clear statements on cryptocurrency issues. In contrast, his opponent Adams has vigorously promoted the advancement of cryptocurrency as a significant achievement of his administration.
As the election approaches, there is increasing attention on whether Mamdani will challenge New York's crypto industry or if he has the capability to do so.
After the election, Tyler Winklevoss, co-founder of the Gemini cryptocurrency exchange, and David Sacks, head of AI and crypto affairs in the U.S., among other key figures in the crypto space, expressed sharp criticism of Mamdani.
Tyler Winklevoss criticized that New York City has become a "corrupt regime" under Democratic rule, and regarding Mamdani's rising popularity in the mayoral election, he stated, "It seems that the situation in New York will have to get worse before it gets better."
David Sacks also publicly called for Silicon Valley, far away in California, to "wake up" and pay attention to the rising tide of communism in New York.
During his campaign, Mamdani proposed many policies that surprised both centrist Democrats and conservatives, but he has almost never clearly stated how he would regulate New York's crypto industry.
His few public statements have been quite restrained. In 2023, a year after the Terra stablecoin ecosystem collapsed and triggered a crypto market crash, New York Attorney General Letitia James called for increased regulation on consumer protection in the stablecoin industry. At that time, Mamdani, as a member of the New York State Assembly, expressed support for this.
Such statements were not uncommon at the time, given the backdrop of the collapse or bankruptcy of companies like Celsius, Terra, and FTX, which resulted in significant financial losses for many customers.
Two years later, cryptocurrency was mentioned again by Mamdani and his team because his opponent, former Mayor Andrew Cuomo, had provided consulting to OKX regarding its response to an investigation by the U.S. Securities and Exchange Commission. OKX ultimately admitted to violating U.S. anti-money laundering laws.
Mamdani's focus on consumer protection is not a fringe viewpoint. U.S. financial regulatory agencies and several legislators in Congress, even those who support crypto, have consistently called for stronger consumer rights protections during the advancement of new crypto legislation.
Before the Senate vote on the GENIUS Act, one of the bill's sponsors, Senator Kirsten Gillibrand, emphasized that the bill was able to advance precisely because "several important provisions, including consumer protection, have been significantly improved."
As Mayor of New York City, Mamdani will have considerable influence in areas such as municipal taxation, licensing, and building approvals, but whether promoting or restricting, the cryptocurrency industry is unlikely to be significantly affected by the mayor's office.
Incumbent Mayor Adams promised to make New York a cryptocurrency hub when he took office in 2021, even announcing that he would receive his salary in Bitcoin (BTC). His team has repeatedly made supportive statements about cryptocurrency, promoted blockchain education, and indicated consideration for developing digital wallets for public benefit recipients.
However, by the end of 2024, New York is still far from the cryptocurrency hub that Adams envisioned. Thomas Pacchia, founder of the New York-based Bitcoin bar PubKey, stated in October 2024 to Cointelegraph, "I haven't seen any noticeable changes since Adams took office."
"If there were really specific projects, they have never truly appeared in my or PubKey's other affairs," he said.
Although Adams continues to publicly support cryptocurrency and frequently reaches out to the industry, the actual influence of his office is limited. Financial regulation in New York remains dominated by state-level agencies such as the New York Department of Financial Services and the state Attorney General.
Therefore, even if Mamdani wishes to take a tough stance on the cryptocurrency industry, he must first coordinate with state regulatory agencies. Although New York Attorney General Letitia James has maintained a tough stance on the crypto industry, making it extremely difficult to obtain a "BitLicense," many cryptocurrency companies still choose to establish themselves in New York.
The cryptocurrency industry may also actively seek to collaborate with Mamdani. Crypto lawyer Aaron Brogan stated that as long as both parties are willing to compromise on certain issues and provide some campaign donations in the upcoming election, it is possible to encourage Mamdani to take a neutral stance or even shift to support the crypto industry.
Whether Mamdani will engage in fierce confrontation with the cryptocurrency industry or whether he has enough strength to challenge it remains to be seen.
However, according to information released by American entrepreneur and political strategist Bradley Tusk on June 24, the chances of Mamdani winning are extremely high. "The election is basically a foregone conclusion."
Tusk pointed out that even if Cuomo runs as an independent (as of June 27, he indeed does), voters do not want Cuomo to return, and he himself seems to have no intention of serving again. Adams' approval rating and willingness to seek re-election are only about 10%.
Therefore, driven by a record young voter turnout, Mamdani has a great chance of winning—as long as cryptocurrency funds do not intervene and the Trump administration does not expel him.
Previously, Winklevoss had suggested supporting a candidate opposing Mamdani. Although he did not commit to funding, cryptocurrency lobbying groups have proven to be quite effective in influencing election outcomes.
Additionally, Mamdani's policy proposals include not cooperating with Immigration and Customs Enforcement (ICE), which has conducted large-scale arrests of immigrants across the U.S. in recent years, even involving some citizens.
This stance angered President Trump—who falsely claimed that Mamdani was "illegally staying" in the U.S.—when in fact, Mamdani moved to the U.S. at the age of seven and became a U.S. citizen in 2018. Congressman Andy Ogles even posted Islamophobic and insulting remarks on X, calling for the revocation of his citizenship and his deportation.
Mamdani faces significant obstacles on his path to becoming the Mayor of New York City, and the cryptocurrency industry may be just one of many challenges he faces.
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Original: “Will Zohran Mamdani Really Have a Huge Impact on New York's Crypto Industry?”
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