Can Crypto Save Cuomo's Campaign?

Andrew Cuomo, a former New York governor, is trailing behind Zohran Mamdani in the Democratic race. He recently proposed a plan to make New York a crypto hub, hoping to attract tech companies and boost his campaign. This plan includes creating a new office and an Innovation Council with leaders from blockchain, biotech, and AI industries. Cuomo believes this move will keep New York competitive in the global innovation economy. However, similar efforts by outgoing Mayor Eric Adams have had mixed results. While some crypto startups have appeared, existing businesses haven't seen much change. The mayor's office has limited influence over the crypto industry's development. With the election just two weeks away, Cuomo's last-minute appeal to the crypto industry might not be enough to close the gap. Mamdani currently leads with 43. 2% support, while Cuomo is at 28. 9%. The top concerns for voters are the cost of living, public safety, and housing affordability, not crypto. Crypto lobby groups have been active in the 2024 elections, with significant donations and influence. The Winklevoss twins, for instance, have donated millions and criticized Mamdani. However, Wall Street's support is divided. Wealthier managerial positions favor Cuomo, while tech, HR, operations, and intelligence roles support Mamdani. Even if Cuomo wins, the mayor's office has limited power over crypto policy. Most financial policies and regulations are decided at the state and federal levels. Outgoing Mayor Eric Adams tried to turn New York into a crypto hub but had limited success. He took his paychecks in Bitcoin and opposed crypto mining moratoriums, but public sentiment didn't change much. The New York Office of Technology and Innovation claims that crypto and blockchain startups have grown significantly. However, it's unclear how much of this growth is due to city-level initiatives. The mayor's office can influence business-critical issues like taxes and permits, but not the broader financial policies that affect the crypto industry.