Crypto voters are turning their attention to the upcoming New York City mayoral election, viewing it as the next major political contest that could shape the future of digital assets in the United States.
With several candidates already known for their crypto-friendly policies, the race is expected to attract heavy interest from both industry stakeholders and digital asset advocates.
Mamdani secures democratic nomination against Crypto-backed rivals
Democratic candidate Zohran Mamdani won the party’s primary with 43.5% of the vote, defeating former New York Governor Andrew Cuomo. The win places him in a competitive race with Republican nominee Curtis Sliwa, current Mayor Eric Adams, and Cuomo, who is anticipated to run as an independent. Mamdani, a former New York State Assembly member, now stands as the only leading candidate without a pro-crypto track record. His rivals have each previously expressed strong support for blockchain innovation and digital currency adoption.
Past Crypto positions shape candidate profiles
Mayor Eric Adams has remained vocal about his support for cryptocurrencies since his 2021 campaign. He accepted his initial paychecks in Bitcoin, advocated for Bitcoin-based municipal bonds, and hosted a digital asset summit at Gracie Mansion. Sliwa, who ran against Adams in 2021, proposed expanding crypto ATM access and launching reward programs to encourage crypto payments in local businesses.
Following his resignation as governor, Cuomo took on an advisory role at crypto exchange OKX in 2021 during an ongoing investigation by U.S. authorities. Reports indicated he regularly counseled the company’s leadership on navigating legal scrutiny. Mamdani has criticized Cuomo’s involvement with OKX and questioned his decision to work with a company facing regulatory action.
Industry leaders signal opposition to Mamdani
Mamdani’s stance has drawn criticism from prominent industry figures. Cameron and Tyler Winklevoss, co-founders of Gemini, have voiced their disapproval of Mamdani’s campaign, with Tyler suggesting plans to support an opposing candidate. The brothers also contributed significantly to Donald Trump’s presidential campaign in 2024.
Anthony Pompliano and hedge fund manager Bill Ackman have repeated similar concerns. Ackman observed that a viable alternative to Mamdani has a big financial backing, and therefore, the need to hire a candidate who would cater to the industry’s interests is imminent. The current environment of this election will be relevant to crypto policy in one of the most significant financial centers in the U.S., considering that consecutive firms with widespread presence, including Gemini, Circle, Moonpay, and Paxos, are based in New York City.