What Mamdani’s Mayoral Win Means For Crypto In New York 2025
Zohran Mamdani has won the New York City mayor’s race, and the city’s crypto industry is waiting to see how his administration will affect business.
Zohran Mamdani has won the New York City mayoral election after a long campaign. Over the past year, the city’s crypto industry has been watching closely to see what a Mamdani mayorship could mean for the blockchain space.
The Associated Press called the race in favor of Mamdani on Wednesday. He beat out former Governor Andrew Cuomo, who ran as an independent, and Republican Curtis Silwa. Mamdani’s campaign focused on cost-of-living issues in New York City, such as rent and childcare, and proposed funding these initiatives with a tax on the city’s top 1% earners.
Some in the cryptocurrency industry, such as crypto exchange Gemini co-founder Tyler Winklevoss, were dismayed by Mamdani’s popularity in the polls. Critics claimed that his policies would be a disaster for businesses in the city.
Despite Mamdani making few public comments about cryptocurrencies, the industry is now watching to see how the mayor-elect’s policies will affect digital assets.
While other mayoral candidates, particularly Cuomo and former Mayor Eric Adams, have made public pronouncements supporting the crypto industry, Mamdani has not.
The few times he has mentioned crypto, his statements have had little to do with policy or whether he would support the industry in New York City.
In 2023, following the implosion of the Terra stablecoin system and the collapse of cryptocurrency exchange FTX, New York State Attorney General Letitia James introduced a consumer protection bill.
In James’ words, the bill would introduce “commonsense measures to protect investors and end the fraud and dysfunction that have become the hallmarks of cryptocurrency.”
Mamdani, who at the time was a member of the New York City Assembly, supported the bill, stating, “When crypto companies collapse, it isn’t the rich who suffer, it’s small investors who disproportionately come from low-income and communities of color.”
Source: CoinTelegraph
