Eric Adams dropped out of the New York mayoral race, leaving the city without its most vocal crypto champion. Zohran Mamdani, the clear favorite, has been ambivalent or mildly critical of the industry.
Still, many members of NYC’s crypto community believe that Mamdani won’t be overtly hostile. The industry may lose its biggest supporter, but it could find new opportunities under an ambitious economic agenda.
New York’s Crypto Candidate
SponsoredSince Zohran Mamdani’s surprise win in New York City’s mayoral primary, the general election has attracted worldwide attention.
Although crypto policy has not been a huge policy priority for New York’s voters, the industry may have lost its most vocal supporter, as Eric Adams dropped out of the race:
Although Adams is currently NYC’s sitting mayor, he took a loud pro-crypto stance to attract new support. New York still has several laws hostile to crypto on the books, which Adams vowed to combat.
However, Adams saw little success in repealing BitLicense requirements and other regulations over his four years in office.
Evidently, his new enthusiasm for crypto policy was not sufficient to encourage donors or New York voters to support him, especially considering his scandal-ridden administration.
Is Mamdani A Genuine Opponent?
So, how could this impact Web3 regulation in America’s financial capital? There isn’t another crypto champion for New York to rally behind, and Zohran Mamdani is the overwhelming favorite to win.
SponsoredMamdani hasn’t taken a firm stance, but a few details suggest a mild skepticism. For one, his silence is remarkable all on its own.
When Mamdani has commented explicitly on the industry, it hasn’t been positive. For example, he released an attack ad against Andrew Cuomo, another New York mayoral aspirant, criticizing his crypto connections.
To be fair, crypto corruption is a hot-button issue for the anti-Trump electorate, and Mamdani mentioned Cuomo’s ties as one of several criticisms. The ad in question was nothing like an anti-crypto screed. Still, he hasn’t said much of anything positive.
Zohran’s Crypto Voters
Nonetheless, for New York’s crypto audience, that mild skepticism might not deter his chances. BeInCrypto interviewed several residents and experts on Mamdani’s campaign, several of whom claimed that they voted for him.
Clearly, a little ambiguity on crypto policy is not a deal-breaker.
Mamdani is running on a very popular economic agenda; he is not an anti-crypto crusader. Even if he does maintain distance from the industry as a whole, he hasn’t done anything to suggest a broader crackdown.
New York’s crypto fans may simply assess that the benefits of Mamdani’s program will outweigh the potential risks.
We’ll have to hope that this is the case. Whether Zohran Mamdani maintains his ambivalent stance on crypto or not, his victory seems virtually guaranteed.
