NYC Mayoral Hopeful Andrew Cuomo Proposes Cryptocurrency Hub

Former New York governor Andrew Cuomo is reportedly making significant investments in crypto and AI as he aims to return as the city’s next mayor.

The New York City mayoral candidate intends to transform NYC into “the global hub of the future” by spearheading initiatives across the blockchain, AI, and biotech sectors while modernizing the city’s technology integration, co-host of Crypto in America, Eleanor Terrett, stated on Saturday.

This vision includes establishing a new chief innovation officer role designed to attract more investment and job opportunities to foster innovation, she noted.

An Innovation Council with three advisory committees focused on crypto, AI, and biotech would be created to “advise on adoption, workforce development, and streamlining regulations for these emerging industries,” Terrett added, referencing unnamed sources familiar with the situation.

Cuomo has prior experience in the crypto field, having advised crypto exchange OKX during a federal investigation that led to a guilty plea over multiple violations and fines exceeding $500 million.

If Cuomo is appointed and pursues his reported agenda, NYC could transition from strict enforcement practices to creating an environment that attracts and retains more industry talent, positioning itself at the forefront of financial innovation.

NYC as a bridge between TradFi and crypto

This could also enhance the connection between traditional finance (TradFi) and crypto, potentially leading to greater inflows into crypto markets, given that Wall Street holds the largest concentration of capital globally.

The New York Stock Exchange and Nasdaq have market capitalizations exceeding $30 trillion, far surpassing the Shanghai Stock Exchange, which is around $8 trillion.

The current NYC Mayor, Eric Adams, has taken proactive steps, establishing the nation’s first municipal Office of Digital Assets and Blockchain Technology last Tuesday.

“The office will enhance the responsible use of digital assets and blockchain technologies, create economic opportunities for New Yorkers, attract top-tier talent, and solidify the city’s reputation as a global leader in financial and technological innovation,” his office stated.

Cuomo faces tough competition against an anti-innovation Democrat

Adams had initially planned a second term but withdrew from the race last month due to mounting political pressure.

Cuomo is contending with anti-tech Democrat Zohran Mamdani and Republican Curtis Sliwa to succeed Adams as mayor, with voting set for Nov. 4.