Crypto Supporters Eye New York City Mayoral Race as New Battleground for Digital Asset Policy
By Turner Wright | June 27, 2025
As the race for New York City’s mayor heats up, cryptocurrency advocates are closely watching the political battleground where digital asset policies could become a defining issue. Following Zohran Mamdani’s surprising victory over former New York Governor Andrew Cuomo in the Democratic primary, attention is turning to the broader mayoral contest set for November—a field that includes several candidates with established positions on crypto and blockchain technology.
Mamdani’s Primary Win Signals a Shift
Zohran Mamdani secured 43.5% of the vote in the Democratic primary on Tuesday, positioning himself as a strong contender in the upcoming general election. Mamdani, who currently serves as a New York State Assembly member, will face off against Republican Curtis Sliwa, incumbent Mayor Eric Adams, and Cuomo, who is reportedly preparing an independent mayoral bid despite his primary defeat.
The notable aspect of this race is that, aside from Mamdani, other leading candidates have demonstrated pro-cryptocurrency stances. Mamdani himself has criticized some crypto-related associations, particularly targeting Cuomo’s past advisory role with a foreign crypto exchange, which has sparked controversy.
Candidates’ Crypto Backgrounds Highlight Stark Differences
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Eric Adams: The sitting mayor, who campaigned as a Democrat in 2021, made headlines by pledging to accept his first three paychecks in Bitcoin. Since taking office, Adams has promoted digital assets by proposing Bitcoin-backed municipal bonds, hosting a digital asset summit at the mayoral residence, and speaking at prominent crypto conferences. He has emphasized New York City’s openness to blockchain and fintech innovation.
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Curtis Sliwa: Although trailing in recent polls, Sliwa ran a 2021 campaign that embraced pro-crypto messaging. His platform included plans to increase the number of cryptocurrency ATMs across the city and offer incentives for small businesses to accept digital currencies, aiming to integrate crypto more deeply into New York City’s economy.
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Andrew Cuomo: Cuomo’s involvement with cryptocurrency has drawn scrutiny, especially his advisory role with the exchange OKX in 2021 amid U.S. regulatory investigations. The exchange ultimately paid over $500 million in fines for operating without proper licenses. Mamdani publicly condemned Cuomo for advising a foreign crypto exchange that allegedly violated U.S. law and for his post-resignation conduct.
Crypto Industry Figures Rally Against Mamdani
Since Mamdani’s primary victory, prominent figures in the cryptocurrency industry have voiced opposition. Gemini co-founder Cameron Winklevoss publicly expressed disapproval, and his twin brother Tyler also hinted at increased political involvement to support candidates alternative to Mamdani. The Winklevoss twins previously pledged substantial financial support during the 2024 U.S. presidential election cycle.
Notably, Anthony “Pomp” Pompliano, well-known Bitcoin advocate and CEO of Professional Capital Management, who has appeared at events supporting former President Donald Trump, has encouraged New Yorkers to reject Mamdani. Similarly, billionaire hedge fund manager Bill Ackman has suggested that significant funds could be quickly mobilized to back a strong challenger capable of defeating Mamdani in the general election.
Attempts to reach Mamdani’s campaign for comment were unsuccessful at the time of publication.
Potential Impact of NYC Mayoral Outcome on Crypto Industry
The outcome of the November mayoral race could materially influence New York City’s position on cryptocurrency and blockchain regulation. As one of the nation’s largest financial hubs, the city hosts headquarters and operations of major crypto firms such as stablecoin issuers Paxos and Circle, exchange platform Gemini, and payments innovator MoonPay.
Mayor Adams has maintained that the city remains “open for business” for those in the crypto, blockchain, Web3, and fintech spaces. However, key regulatory authority in New York rests at the state level, where the Department of Financial Services has mandated a stringent BitLicense since 2015 for crypto-related businesses—a licensing program criticized by many industry participants, including Adams himself.
While the mayor can exert considerable influence on city policy and economic incentives, meaningful changes to licensing and statewide regulation would require coordination with the New York State Legislature. Thus, the mayoral race—though local—carries broader implications for the future regulatory environment for digital assets in a critical U.S. market.
Looking Ahead
As the November election approaches, cryptocurrency and blockchain advocates, critics, and industry stakeholders will be closely monitoring how candidates position themselves on digital assets. This election marks a significant moment for New York City, which plays a pivotal role in shaping national and global crypto policy through its economic clout and regulatory landscape.
This article is provided by Cointelegraph, a leading source of independent journalism on cryptocurrency, blockchain, and fintech. For all updates and in-depth analyses, follow us across social media and visit our website.