Former New York Governor Andrew Cuomo is reportedly betting big on cryptocurrencies and AI in his bid to return as the next mayor.
New York mayoral candidates plan to make New York City a “global hub of the future” by coordinating efforts across the blockchain, AI and biotech industries and modernizing how the city integrates new technologies, Crypto in America co-organizer Eleanor Terret said on Saturday.
Part of this will include the creation of a new chief innovation officer position aimed at attracting more investment and jobs to foster innovation, he said.
“An innovation council has been established with three advisory boards – cryptocurrencies, AI and biotech – to advise on the adoption of these emerging industries, workforce development and red tape elimination,” Terret added, citing anonymous sources familiar with the matter.
Mr. Cuomo has experience in the cryptocurrency space, advising cryptocurrency exchange OKX over a federal investigation that led to OKX pleading guilty to multiple violations and agreeing to pay $500 million worth of fines and fines.
If Cuomo is appointed and follows through on his reported plan, New York City could move from a regime characterized by ruthless enforcement to one that attracts and retains more industry talent and puts itself at the forefront of financial innovation.
New York is the bridge between TradFi and cryptocurrencies
Also, given that Wall Street has the highest concentration of capital on the planet, the bridge between TradFi and crypto could be strengthened, allowing more money to flow into the crypto market.
The market capitalization of the New York Stock Exchange and Nasdaq exceeds $30 trillion, far exceeding the third-largest Shanghai Stock Exchange’s approximately $8 trillion.
Current New York City Mayor Eric Adams has already taken action himself, establishing America’s first Digital Assets and Blockchain Technology Office last Tuesday.
“This office will advance the responsible use of digital assets and blockchain technology, expand economic opportunity for New Yorkers, attract world-class talent, and strengthen the city’s position as a global center of finance and technology innovation,” his office said.
Mr. Cuomo is vulnerable to anti-innovation Democrats.
Adams initially sought a second term, but withdrew from the race last month amid growing political pressure to resign.
Cuomo is running against anti-tech Democrat Zoran Mamdani and Republican Curtis Sliwa to replace Adams as mayor, with voting scheduled for November 4.
Mr. Mamdani is a strong favorite to replace Mr. Adams, leading in nearly every poll tracking the race, according to New York Times data.
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Mamdani has remained relatively quiet on cryptocurrencies, but his policy positions are widely considered to be more “left-wing” than Democratic Party standards.
Mamdani has come under criticism from several crypto industry leaders, including Gemini CEO Tyler Winklevoss, who said given Mamdani’s rise in popularity, “It looks like things will have to get much worse before things get better in New York City.”
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