Former New York Governor Andrew Cuomo is reportedly placing significant bets on crypto and AI as part of his campaign to return as the city’s next mayor.
The mayoral candidate aims to transform NYC into “the global hub of the future” by coordinating initiatives across blockchain, AI, and biotech sectors while modernizing the city’s approach to integrating new technologies, as co-host of Crypto in America, Eleanor Terrett, reported on Saturday.
This initiative will include establishing a new chief innovation officer role to attract investment and create jobs 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 reducing regulations for these emerging industries,” Terrett mentioned, citing unnamed sources familiar with the developments.
Cuomo has prior experience in crypto, having served as an advisor to the crypto exchange OKX during a federal investigation, which led to the company pleading guilty to multiple violations and agreeing to pay over $500 million in fines and penalties.
If Cuomo is elected and implements his plans, NYC could transition from strict enforcement policies to a regime that attracts and retains more industry talent, securing its position at the forefront of financial innovation.
NYC as a bridge between TradFi and crypto
This vision could also enhance the connection between traditional finance (TradFi) and crypto, potentially directing greater capital inflows into crypto markets, given Wall Street’s unparalleled concentration of wealth.
The combined market caps of the New York Stock Exchange and Nasdaq exceed $30 trillion, outpacing the Shanghai Stock Exchange, which stands at about $8 trillion.
Current NYC Mayor Eric Adams has already begun taking actions, establishing the nation’s first municipal Office of Digital Assets and Blockchain Technology last Tuesday.
“The office will promote the responsible utilization of digital assets and blockchain technologies, enhance economic opportunities for New Yorkers, attract top-tier talent, and reinforce the city’s position as a global hub for financial and technological innovation,” stated his office.
Cuomo faces an uphill battle against an anti-innovation Democrat
Initially, Adams aimed for a second term but withdrew from the race last month amid rising political pressure.
Cuomo is vying with anti-tech Democrat Zohran Mamdani and Republican Curtis Sliwa to succeed Adams as mayor, with the election set for Nov. 4.
Mamdani is currently the frontrunner, leading in nearly every poll monitoring the race, according to New York Times data.
Related: Huobi founder secures $1B as part of Ether trust strategy: Report
While Mamdani has remained relatively quiet about crypto, his policy positions are generally viewed as more “left” than the Democratic Party’s standard.
Mamdani has faced criticism from certain crypto industry leaders, including Gemini CEO Tyler Winklevoss, who remarked: “It seems conditions will have to worsen in NYC before they can improve.”
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