Andrew Cuomo’s crypto gamble is a ‘conflict of interest,’ says Zohran Mamdani
Key Takeaways
Did Andrew Cuomo’s crypto pivot enhance his successful probability?
No, Polymarket confirmed solely a 6% odds of successful the mayoral election for New York Metropolis.
What’s Cuomo’s crypto plan if elected?
Cuomo pledged to make New York Metropolis the ‘world capital’ for crypto and DeFi.
Andrew Cuomo, former Governor and present candidate for Mayor of New York Metropolis, has pivoted to crypto to woo help for his electoral momentum.
In a statement on the nineteenth of October, Cuomo introduced a Chief Innovation Officer (CIO) to advance crypto and different next-generation tech.
“The subsequent Mayor should be sure that we’re additionally main within the applied sciences that can outline the following century — AI, blockchain, and biotech. That’s what this place is about: Maintaining New York Metropolis not simply aggressive, however dominant within the world innovation financial system. I’m excited for the longer term.”
Crypto in U.S. politics
The previous governor added that he goals to make New York the “world capital for digital finance and decentralized innovation.”
The CIO could be guided by a council encompassing consultants in AI, biotech, and crypto to drive the stated imaginative and prescient.
The present Mayor, Eric Adams, has been pro-crypto, too. He just lately created the first-ever Workplace of Digital Belongings and Blockchain by way of an government order.
Adams ended his re-election bid in late September, leaving Zohran Mamdani because the main contender.
Regardless of Cuomo’s crypto pivot, his odds of successful the mayoral elections remained muted. Polymarket placed a 6% probability for Cuomo, whereas Mamdani led with 93% odds.
Supply: Polymarket
Nicely, the crypto issue performed a vital position within the 2024 U.S. presidential elections. Donald Trump’s pro-industry stance attracted each {industry} votes and monetary help. ‘
Actually, even some Democrats like Senator Reuben Gallego had a well-funded marketing campaign due to the crypto foyer.
Nonetheless, Mamdani has criticized Cuomo’s crypto ties, calling them a ‘battle of curiosity.’ Per stories, Cuomo could have been instrumental within the $500M OKX settlement with the U.S. authorities. Mamdani added,
“Cuomo’s connections to the crypto world are a battle of curiosity.He’s not only a candidate; he’s a lobbyist for the crypto {industry}.”
Though pro-crypto customers supported Cuomo’s transfer, broader market sentiment on Polymarket didn’t favor him.
That stated, the town has a robust digital asset sector underneath the purview of New York’s Division of Monetary Providers (NYDFS).
Actually, it just lately greenlighted Ripple’s stablecoin RLUSD and has additionally been lively in chapter circumstances to make sure consumer safety.
