Zohran Mamdani won the New York City mayoral election after a long campaign. Over the past year, the cryptocurrency industry in New York has been closely watching how Mamdani's tenure as mayor might impact the blockchain sector.
The Associated Press announced on Wednesday that Mamdani emerged victorious. He defeated former Governor Andrew Cuomo, who ran as an independent, and Republican Curtis Sliwa. Mamdani's campaign focused on the cost of living in New York City, such as rent and childcare, proposing to fund these initiatives by taxing the wealthiest 1% of the city's population.
Some figures in the cryptocurrency industry, such as Gemini co-founder Tyler Winklevoss, expressed disappointment at Mamdani's high popularity in polls. Critics argue that his policies will be disastrous for local businesses.
Although Mamdani rarely speaks publicly about cryptocurrency, the industry is currently focused on how the policies of this incoming mayor will affect digital assets.
Mamdani has seldom publicly discussed or expressed support for the cryptocurrency industry, and his stance remains unclear. Unlike other mayoral candidates, particularly Cuomo and former Mayor Eric Adams, Mamdani has not publicly voiced support for the cryptocurrency sector.
He rarely mentions cryptocurrency, and when he does, it is not closely related to specific policies or support for the local industry.
In 2023, following the collapse of the Terra stablecoin system and the bankruptcy of cryptocurrency exchange FTX, New York State Attorney General Letitia James proposed a consumer protection bill.
James stated that the bill would introduce "common-sense measures to protect investors and put an end to the iconic fraud and chaos that has become synonymous with cryptocurrency."
At that time, as a member of the New York State Assembly, Mamdani supported the bill, stating, "When crypto companies fail, the victims are not the wealthy, but rather small investors who disproportionately come from low-income and communities of color."
The incoming mayor also mentioned cryptocurrency in relation to issues concerning his opponent Cuomo. In April of this year, Mamdani pointed out that Cuomo had provided him with consulting advice regarding an investigation by the U.S. Securities and Exchange Commission into the OKX exchange.
Ultimately, OKX was investigated and fined over $500 million for violating U.S. anti-money laundering regulations.
These two statements regarding cryptocurrency were more focused on campaign themes such as consumer protection and affordability, as well as comparisons with political opponents, rather than directly addressing the industry itself.
However, this has not stopped him from incurring the displeasure of notable figures in New York and the broader blockchain sector.
In response to Mamdani's comments about taxing billionaires, David Sacks, head of AI and cryptocurrency at the White House, remarked, "Silicon Valley, wake up. This is the future of the Democratic Party. Communism has triumphed over liberalism. Even Bill Clinton has succumbed. You now have two choices: either join the MAGA camp or prepare to be a dish on Mamdani's table."
Tyler Winklevoss claimed that those supporting Mamdani are spoiled and highly educated college students. "They have never learned the importance of Western civilization, so they neither understand why it should be defended nor know how to defend it."
Shaun Maguire, a partner at Sequoia Capital who leads the firm's investment in the stablecoin platform Bridge, made a criticism tinged with Islamophobia: "Western society can only learn this lesson through painful experiences."
In light of the financial elite's concerns about the situation under Mamdani's administration, they have been donating large sums to Cuomo's camp. Hedge fund manager Bill Ackman reportedly donated $1 million to Defend NYC and $250,000 to Fix the City, two political action committees (PACs) opposing Mamdani.
In response, Mamdani stated, "He is spending more money opposing me than I plan to tax him."
The lobbying group Innovate NY PAC, representing the interests of the cryptocurrency and AI industries, announced its support for Cuomo. This statement was released on October 28, just a week after Cuomo attempted to gain support from the industry by releasing a digital asset development strategy. According to Cointelegraph, Innovate has donated $30,000 to Cuomo's camp.
Despite the strong opposition from financiers and industry heavyweights, the mayor's ability to influence the local cryptocurrency market is quite limited.
Securities and financial-related laws originate from Albany (the state capital) and Washington (federal), and any such changes must first be approved by the state or federal government before being implemented at the local level.
The mayor can influence matters such as local taxes, licensing approvals, and building permits, and if willing to push these aspects, may indirectly affect local blockchain companies. However, even so, their power remains limited.
As cryptocurrency lawyer Aaron Brogan stated, "In fact, crypto companies typically operate in a lightweight manner. They do not require large amounts of real estate or specialized equipment, just an office, a group of talent, and an idea. Therefore, from a development perspective, they are less susceptible to local pressures compared to other industries. Of course, high-energy applications like Bitcoin mining are another matter, but currently, no one is doing that in New York."
Brogan also pointed out that due to the strict enforcement of the BitLicense regime in the state, the city's ability to intervene at the retail level is further limited. "Many companies either completely avoid the state or operate under the BitLicense regime. This essentially allows them to be shielded from direct pressure at the city level."
Mamdani will not officially take office until January 1, 2026, and even then, he will have to put in significant effort to push the various policies he proposed during his campaign. Whether and how these policies will impact or even touch the local blockchain industry remains to be seen.
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Original article: “What Mamdani’s Mayoral Win Means for Crypto in New York”
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