Former New York Governor Andrew Cuomo is reportedly betting big on crypto and AI as part of his bid to return as New York City’s next mayor. The mayoral candidate plans to position NYC as “the global hub of the future” by coordinating initiatives across the blockchain, AI, and biotech industries and modernizing how the city integrates new technology, according to Eleanor Terrett, co-host of *Crypto in America*, who spoke on Saturday.

Part of Cuomo’s vision includes creating a new Chief Innovation Officer position aimed at attracting more investments and jobs to boost innovation. Additionally, an Innovation Council would be formed, featuring three advisory committees focused on crypto, AI, and biotech. This council would advise on adoption, workforce development, and cut red tape for these emerging industries, Terrett added, citing unnamed sources familiar with the matter.

Cuomo brings experience in the crypto sector, having previously advised the crypto exchange OKX during a federal probe that led to the company pleading guilty to several violations and agreeing to pay over $500 million in fines and penalties.

If Cuomo is appointed and follows through on his plans, New York City could shift from a regime characterized by strict enforcement to one that attracts and retains more industry talent, positioning the city at the forefront of financial innovation.

### NYC: A Bridge Between TradFi and Crypto

Cuomo’s strategy may also strengthen the bridge between traditional finance (TradFi) and crypto markets, channeling far greater inflows into digital assets given Wall Street’s status as the world’s greatest concentration of capital. The New York Stock Exchange and Nasdaq boast combined market caps exceeding $30 trillion — significantly more than the $8 trillion of the third-place Shanghai Stock Exchange.

The current NYC Mayor, Eric Adams, has already taken significant steps toward fostering innovation by establishing America’s first municipal Office of Digital Assets and Blockchain Technology last Tuesday. According to his office, the new 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.”

### Cuomo Faces Political Competition in Mayoral Race

Cuomo is considered an underdog against incumbent Mayor Adams, who initially sought a second term but withdrew from the race last month due to mounting political pressure. Cuomo now competes against anti-tech Democrat Zohran Mamdani and Republican Curtis Sliwa to replace Adams, with voting scheduled for November 4.

Mamdani is currently the odds-on favorite, leading almost every poll tracking the race, according to *The New York Times*. While Mamdani has been relatively silent on crypto, his policy positions are generally considered more left-leaning than the typical Democratic Party platform.

Some crypto industry leaders have expressed concerns about Mamdani’s potential victory. Notably, Gemini CEO Tyler Winklevoss commented on Mamdani’s rising popularity, saying, “It appears things will have to get worse in NYC before they get better.”

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