Key Takeaways
Has Andrew Cuomo’s crypto pivot increased his chances of winning?
No, Polymarket only showed a 6% chance of winning the mayoral election for New York City.
What is Cuomo’s crypto plan if elected?
Cuomo promised to make New York City the “world capital” for crypto and DeFi.
Andrew Cuomo, former governor and current candidate for mayor of New York City, has turned to crypto to gain support for his electoral momentum.
In one statement on October 19, Cuomo announced a Chief Innovation Officer (CIO) to advance crypto and other next-generation technologies.
“The next mayor must ensure that we also lead in the technologies that will define the next century – AI, blockchain and biotech. That’s what this position is about: keeping New York City not only competitive, but dominant in the global innovation economy. I’m excited about the future.”
Crypto in American politics
The former governor added that he wants to make New York the “world capital for digital finance and decentralized innovation.”
The CIO would be guided by a council comprising experts in AI, biotechnology and crypto to achieve the said vision.
The current mayor, Eric Adams, was also pro-crypto. Him recently made the first-ever Office of Digital Assets and Blockchain via executive order.
Adams ended his re-election bid in late September, leaving Zohran Mamdani as the leading contender.
Despite Cuomo’s crypto pivot, his chances of winning the mayoral election remained limited. Polymarkt placed a 6% chance for Cuomo, while Mamdani led with 93% odds.
Source: Polymarkt
Well, the crypto factor played a crucial role in the 2024 US presidential election. Donald Trump’s pro-industry stance attracted industry votes as well as financial support. ‘
Even some Democrats, like Senator Reuben Gallego, even had a well-funded campaign thanks to the crypto lobby.
However, Mamdani has criticized Cuomo’s crypto ties, calling them a “conflict of interest.” According to reports, Cuomo may have played a major role in OKX’s $500 million settlement with the US government. Mamdani added,
“Cuomo’s connections to the crypto world are a conflict of interest. He’s not just a candidate; he’s a lobbyist for the crypto industry.”
Although pro-crypto users supported Cuomo’s move and broader market sentiment on Polymarket did not favor him.
That said, the city has a strong digital asset sector under the purview of New York’s Department of Financial Services (NYDFS).
In fact, it was recently given the green light Ripple’s stablecoin RLUSD and has also been active in bankruptcy cases to ensure user protection.