Former New York Governor Andrew Cuomo is reportedly betting big on crypto and AI in his bid to return as the town's next mayor.
The New York mayoral candidate plans to make NYC the “global center of the longer term” by coordinating blockchain, AI and biotech initiatives and modernizing the best way the town integrates latest technologies, Crypto in America co-host Eleanor Terrett said Saturday.
Part of this may even include the creation of a brand new chief innovation officer position to draw more investment and jobs to spice up innovation, she said.
An innovation council could be formed with three advisory committees on crypto, AI and biotech to “advise on adoption, workforce development and red tape reduction for these emerging industries,” Terrett added, citing unnamed sources accustomed to the matter.
Source: Eleanor Terrett
Cuomo has experience within the crypto space, having advised crypto exchange OKX in a federal investigation that resulted in it pleading guilty to multiple violations and agreeing to pay over $500 million in fines and penalties.
Should Cuomo be appointed and implement his reported plans, New York City could transition from a regime characterised by heavy-handed enforcement actions to 1 that pulls and retains more industry talent and places itself on the forefront of monetary innovation.
NYC is a bridge for TradFi and crypto
It could also strengthen the bridge between TradFi and crypto, channeling much more inflows into the crypto markets as Wall Street has the most important concentration of capital on the planet.
The New York Stock Exchange and Nasdaq have market capitalizations of over $30 trillion, well above the third-place Shanghai Stock Exchange at around $8 trillion.
Current NYC Mayor Eric Adams has already taken motion of his own, establishing America's first municipal office of digital assets and blockchain technology last Tuesday.
“The office will promote responsible use of digital assets and blockchain technologies, expand economic opportunities for New Yorkers, attract world-class talent, and strengthen the town’s position as a worldwide center for financial and technological innovation,” his office said.
Cuomo is an outsider to an anti-innovation Democrat
Adams initially sought a second term but withdrew from the race last month amid increasing political pressure to resign.
Cuomo is competing with anti-tech Democrat Zohran Mamdani and Republican Curtis Sliwa to switch Adams as the brand new mayor. The vote is scheduled for November 4th.
According to New York Times data, Mamdani is the favourite to succeed Adams and is leading in just about all polls for the race.
While Mamdani has been relatively quiet on the subject of crypto, his political positions are widely considered more “left-wing” than the Democratic Party norm.
Mamdani has been criticized by some crypto industry leaders, including Gemini CEO Tyler Winklevoss, who said of Mamdani's rising popularity, “It looks like things in New York can have to worsen before they recover.”
