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Zohran Mamdani Becomes NYC Mayor: A Turning Point for Blockchain?
After a heated campaign, Zohran Mamdani has officially won the New York City mayoral race, defeating former Governor Andrew Cuomo and Republican Curtis Sliwa, according to the Associated Press. His victory marks a political shift in the city, with a campaign centered on affordability, rent control, and childcare, funded by increased taxes on the top 1% of earners.
Crypto Industry on Alert
New York’s crypto community has been closely watching Mamdani’s rise. Although he has made few public remarks about digital assets, many in the industry are wary of his progressive economic platform. Tyler Winklevoss, co-founder of Gemini, criticized Mamdani’s growing popularity, while investor David Sacks, who serves as the White House’s AI and crypto advisor, warned that Mamdani’s ascent symbolizes a larger ideological shift within the Democratic Party.
“Wake up, Silicon Valley. This is the future of the Democrat Party. Communism has defeated liberalism,”
Sacks wrote on social media.
Similarly, Winklevoss argued that Mamdani’s base of young, university-educated supporters lacked an appreciation for “Western civilization.” Some comments, such as one from Sequoia partner Shaun Maguire, even veered into Islamophobic territory.
Mamdani’s Record on Crypto
While Andrew Cuomo and Eric Adams previously voiced strong support for blockchain development, Mamdani’s references to crypto have mostly been tied to consumer protection and economic justice.
In 2023, Mamdani backed New York Attorney General Letitia James’ proposed crypto regulation bill after the collapse of Terra and FTX.
“When crypto companies collapse, it isn’t the rich who suffer, it’s small investors who disproportionately come from low-income and communities of color,”
Mamdani said at the time.
He also criticized Cuomo’s past advisory role to crypto exchange OKX, which later pleaded guilty to violating U.S. anti–money laundering laws and paid over $500 million in fines.
Wall Street Pushback
Mamdani’s tax proposals sparked significant pushback from financiers. Billionaire Bill Ackman reportedly donated $1 million to the anti-Mamdani PAC Defend NYC and $250,000 to Fix the City. In response, Mamdani quipped, “He’s spending more money against me than I would even tax him.”
Even as the financial elite tried to influence the race, Mamdani prevailed. Following his win, Ackman struck a conciliatory tone, congratulating the new mayor and offering to help “if I can help NYC.”
