New York City mayoral hopeful Andrew Cuomo has highlighted emerging technologies such as cryptocurrencies, artificial intelligence and biotechnology as a key pillar for his comeback.
Summary
- Andrew Cuomo proposed appointing a chief innovation officer and forming an innovation council to promote cryptocurrencies.
- Cuomo faces front-runner Zohran Mamdani, who previously called for stricter crypto regulations.
Cuomo, who served as the city’s governor from 2011 to 2021, plans to court residents with his goal of making New York City the “global hub of the future” and will announce plans to name a chief innovation officer to lead the efforts if elected, according to a campaign. advertisement.
“The next mayor must ensure that we are also leaders in the technologies that will define the next century: AI, blockchain and biotechnology. That is what this position is about: keeping New York City not only competitive, but dominant in the global innovation economy,” Cuomo said.
Part of his plans includes the formation of an “Innovation Council” that will advise the CIO on “policy development, industry standards and consumer protection.” The council will host three advisory committees, one for each of the areas of interest: cryptography, artificial intelligence and biotechnology.
Specifically, the cryptocurrency and blockchain advisory council will “replace outdated regulations” with an updated framework that promotes responsible innovation while protecting consumers, according to the announcement.
Currently, New York remains one of the most difficult places for crypto companies to operate, especially with its complex and demanding BitLicense framework, which has been criticized for stifling growth and driving companies out of the state.
But that could change under Cuomo, who already has experience in the industry through his role advising cryptocurrency exchange OKX during a federal investigation.
Cuomo hopes to follow in the footsteps of current Mayor Eric Adams, who has been one of the most vocal advocates for digital assets, having spearheaded the launch of the city’s first Office of Digital Assets and Blockchain Technology.
Adams has also called for the elimination of the BitLicense regime, arguing that it hinders innovation and prevents New York from becoming a true leader in the crypto space.
For his plans to succeed, however, Cuomo must first defeat Zohran Mamdani, who has emerged as the front-runner in the mayoral race. Mamdani is not considered a cryptocurrency advocate and has in the past criticized Cuomo for his involvement in cryptocurrency exchange OKX, which was fined more than $500 million following a federal investigation.
In 2023, Mamdani also called for even stricter regulations for cryptocurrency businesses in New York, despite widespread criticism that the existing framework was already one of the strictest in the country. See below.
Cuomo’s other primary opponent, Republican candidate Curtis Sliwa, has also voiced his support for digital assets in the past by pushing to expand access to Bitcoin ATMs across the city and encouraging local businesses to start accepting cryptocurrency payments.
While Sliwa’s campaign has focused more on public safety and quality of life issues this time around, his previous comments suggest a more open attitude toward cryptocurrencies compared to Mamdani, whose platform largely ignores the sector entirely.
