NYC Mayoral Candidate Andrew Cuomo Plans Crypto Capital

Former New York governor Andrew Cuomo is reportedly betting big on crypto and AI as part of his bid to return as the city’s next mayor. 

The New York City mayoral candidate plans to make NYC “the global hub of the future” by coordinating initiatives across the blockchain, AI and biotech industries and modernizing how the city integrates new technology, co-host of Crypto in America, Eleanor Terrett, said on Saturday.

Part of this will also involve creating a new chief innovation officer position aimed at attracting more investments and jobs to boost innovation, she said. 

An Innovation Council with three advisory committees for crypto, AI and biotech would be formed to “advise on adoption, workforce development, and cutting red tape for these emerging industries,” Terrett added, citing unnamed sources familiar with the matter.

Cuomo has experience in crypto, having advised crypto exchange OKX over a federal probe that resulted in it pleading guilty to several violations and agreeing to pay over $500 million worth of fines and penalties.

Should Cuomo be appointed and follow through on his reported plans, NYC could shift from a regime characterized by ruthless enforcement action to one that attracts and retains more industry talent and places itself at the forefront of financial innovation.

NYC is a bridge for TradFi and crypto 

It may also strengthen the bridge between TradFi and crypto and channel far more inflows into crypto markets, given that Wall Street has the greatest concentration of capital on earth.

The New York Stock Exchange and Nasdaq boast market caps over $30 trillion — far exceeding the third-place Shanghai Stock Exchange at around $8 trillion.

The current NYC Mayor, Eric Adams, has already taken action into his own hands, establishing America’s first municipal Office of Digital Assets and Blockchain Technology last Tuesday.

“The office will promote the responsible use of digital assets and blockchain technologies, grow economic opportunities for New Yorkers, attract world-class talent, and reinforce the city’s standing as the world’s hub for financial and technological innovation,” his office said.

Cuomo is an underdog against an anti-innovation Democrat

Adams initially sought a second term but withdrew from the race last month amid increased political pressure to stand down. 

Cuomo is competing with anti-tech Democrat Zohran Mamdani and Republican Curtis Sliwa to replace Adams as the new mayor, with voting scheduled to take place on Nov. 4.