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- Mamdani’s record signals stricter oversight and consumer protection.
- Wall Street favored Cuomo as the safer, pro-crypto option.
- New York’s crypto future now leans toward regulation, not expansion.
Zohran Mamdani’s mayoral victory wasn’t a surprise — it was practically predicted. On Polymarket, he held a steady 92% chance of winning, backed by a $1 million bet that signaled early confidence in his campaign. Yet, for the crypto industry, that confidence didn’t translate into optimism.
Unlike his predecessors who touted innovation and growth, Mamdani’s stance points toward oversight and accountability. His record shows little interest in fueling another “crypto hub” dream — instead, it focuses on protecting everyday investors and tightening consumer safeguards.
Wall Street Played It Safe
As Mamdani’s odds climbed, parts of Wall Street quietly shifted their support to Andrew Cuomo, seen as the more “predictable” choice. Cuomo had promised to appoint a Chief Innovation Officer to boost AI, blockchain, and biotech, casting himself as a friend of digital finance.
But Mamdani’s campaign pushed back hard. He called Cuomo’s crypto ties a conflict of interest — especially given Cuomo’s advisory role with OKX, which later settled more than $500 million with U.S. regulators. That criticism cemented Mamdani’s image as a watchdog rather than a cheerleader for the industry.
A Consistent Theme: Protecting Retail Investors
Mamdani’s track record offers the clearest clue to his crypto approach. He co-sponsored Assembly Bill A7389C, which sought to pause energy-intensive proof-of-work mining operations. He also backed Attorney General Letitia James’ bill to expand consumer protections after the FTX and Terra collapses — both of which devastated smaller investors.
That consistent theme suggests Mamdani’s administration will likely continue to support regulation that prioritizes consumer safety over market experimentation.
Also Read: Polymarket Raises $205M in Secret Funding, Hits $9B Valuation with ICE Deal
What Comes Next for New York Crypto
Despite the city’s symbolic role in finance, the mayor’s power over crypto is limited. Core regulations are decided in Washington and Albany, and New York’s infamous BitLicense still controls who can operate in the state.
In short, Mamdani can set the tone — not the rules. The “crypto hub” era of Eric Adams is over. What comes next is a more cautious, compliance-driven chapter in New York’s digital asset story.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
