Andrew Cuomo’s crypto gamble is a ‘conflict of interest,’ says Zohran Mamdani

Key Takeaways 

Did Andrew Cuomo’s crypto pivot improve his winning chance? 

No, Polymarket showed only a 6% odds of winning the mayoral election for New York City. 

What’s Cuomo’s crypto plan if elected?

Cuomo pledged to make New York City the ‘world capital’ for crypto and DeFi.  

Andrew Cuomo, former Governor and current candidate for Mayor of New York City, has pivoted to crypto to woo support for his electoral momentum. 

In a statement on the 19th of October, Cuomo announced a Chief Innovation Officer (CIO) to advance crypto and other next-generation tech. 

“The next Mayor must make sure we’re also leading in the technologies that will define the next century — AI, blockchain, and biotech. That’s what this position is about: Keeping New York City not just competitive, but dominant in the global innovation economy. I’m excited for the future.”

Crypto in U.S. politics

The former governor added that he aims to make New York the “world capital for digital finance and decentralized innovation.”

The CIO would be guided by a council encompassing experts in AI, biotech, and crypto to drive the said vision. 

The current Mayor, Eric Adams, has been pro-crypto, too. He recently created the first-ever Office of Digital Assets and Blockchain via an executive order.

Adams ended his re-election bid in late September, leaving Zohran Mamdani as the leading contender. 

Despite Cuomo’s crypto pivot, his odds of winning the mayoral elections remained muted. Polymarket placed a 6% chance for Cuomo, while Mamdani led with 93% odds. 

Source: Polymarket

Well, the crypto factor played a crucial role in the 2024 U.S. presidential elections. Donald Trump’s pro-industry stance attracted both industry votes and financial support. ‘

In fact, even some Democrats like Senator Reuben Gallego had a well-funded campaign thanks to the crypto lobby. 

However, Mamdani has criticized Cuomo’s crypto ties, calling them a ‘conflict of interest.’ Per reports, Cuomo may have been instrumental in the $500M OKX settlement with the U.S. government. Mamdani added, 

 “Cuomo’s connections to the crypto world are a conflict of interest.He’s not just a candidate; he’s a lobbyist for the crypto industry.” 

Although pro-crypto users supported Cuomo’s move, broader market sentiment on Polymarket didn’t favor him. 

That said, the city has a strong digital asset sector under the purview of New York’s Department of Financial Services (NYDFS).

In fact, it recently greenlighted Ripple’s stablecoin RLUSD and has also been active in bankruptcy cases to ensure user protection.