NYC mayoral hopeful Andrew Cuomo promises crypto reforms if elected
New York City’s mayoral hopeful, Andrew Cuomo, has outlined emerging technologies like cryptocurrencies, Artificial Intelligence, and Biotech as a key pillar for his comeback run.
Cuomo, who served as the city’s Governor between 2011 and 2021, is reportedly planning to woo residents with his goal of making New York City the “global hub of the future” and will announce plans to appoint a Chief Innovation Officer to lead the efforts if he is elected, according to a campaign announcement.
“The next Mayor must make sure we’re also leading 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 just competitive, but dominant in the global innovation economy,” Cuomo was quoted as saying.
Part of his plans includes the formation of an “Innovation Council” that will advise the CIO on “policy development, industry standards, and consumer protections.” The council will house three advisory committees, one for each of the focus areas — crypto, artificial intelligence, and biotechnology.
Specifically, the crypto and blockchain advisory council will “replace outdated regulations” with an up-to-date framework that promotes responsible innovation while protecting consumers, the announcement said.
Currently, New York remains one of the most difficult places for crypto businesses to operate, especially with its complex and demanding BitLicense framework, which has been criticized for stifling growth and driving companies out of the state.
But that could change under Cuomo, who already has past experience in the industry through his role advising crypto exchange OKX during a federal investigation.
Cuomo hopes to follow in the footsteps of current mayor Eric Adams, who has been one of the most vocal proponents of digital assets, having spearheaded the launch of the first municipal Office of Digital Assets and Blockchain Technology.
Adams has also called for the elimination of the BitLicense regime, arguing that it hampers innovation and prevents New York from becoming a true leader in the crypto space.
However, for his plans to pan out, Cuomo must first defeat Zohran Mamdani, who has emerged as the frontrunner in the mayoral race. Mamdani is not considered a crypto proponent, and in the past, he has called out Cuomo over his involvement with crypto exchange OKX, which was fined more than $500 million following a federal investigation.
Back in 2023, Mamdani also called for even stricter regulations on cryptocurrency businesses in New York, despite widespread criticism that the existing framework was already one of the toughest in the country. See below.
Cuomo’s other main opponent, Republican candidate Curtis Sliwa, has also expressed support for digital assets in the past by pushing for expanding Bitcoin ATM access across the city and encouraging local businesses to begin accepting cryptocurrency payments.
While Sliwa’s campaign has focused more on public safety and quality of life issues this time around, his past remarks suggest a more open attitude toward crypto compared to Mamdani, whose platform largely ignores the sector altogether.
