Andrew Cuomo Bets on Crypto and AI in Bid to Become New York City Mayor

Former New York governor Andrew Cuomo is reportedly making a comeback, this time with crypto, AI, and biotech at the center of his campaign to become New York City’s next mayor. 

According to Crypto in America co-host Eleanor Terrett, Cuomo’s plan focuses on turning New York into “the global hub of the future” by modernizing how the city adopts and integrates new technology.

As part of his strategy, Cuomo reportedly aims to create a Chief Innovation Officer position dedicated to attracting investment and jobs in emerging sectors. In addition, an Innovation Council would be established with three advisory committees, one each for crypto, AI, and biotech. 

These committees would help shape city policy on adoption, workforce training, and removing bureaucratic barriers for startups and innovators.

Terrett noted that Cuomo’s vision includes fostering collaboration between these cutting-edge industries to strengthen New York’s economic foundation while positioning it as a global leader in financial and technological advancement.

A Bridge Between TradFi and Crypto

Cuomo’s approach could also redefine New York’s relationship with the crypto industry. Having previously advised crypto exchange OKX during a federal probe—one that ended in over $500 million in fines—Cuomo has firsthand experience navigating the regulatory complexities of the sector.

If elected and successful in implementing his plans, New York City could shift from its historically strict regulatory stance to one that encourages innovation while maintaining compliance. 

With Wall Street’s $30 trillion in combined market capitalization through the New York Stock Exchange and Nasdaq, the city already has the world’s largest concentration of capital. Strengthening the bridge between traditional finance (TradFi) and crypto could significantly boost investment flows into digital assets and related technologies.

Notably, current mayor Eric Adams took a step in this direction last week, launching America’s first Office of Digital Assets and Blockchain Technology. His administration said the office aims to promote responsible blockchain use, grow job opportunities, and keep New York at the forefront of financial innovation.

A Tough Race in New York

Cuomo faces a challenging path ahead. Following Adams’ withdrawal from the race amid mounting pressure, Cuomo is now competing against Zohran Mamdani, an anti-tech Democrat, and Republican Curtis Sliwa.

Polls currently show Mamdani as the frontrunner. While he has largely avoided discussing crypto, his policies are seen as more progressive and less friendly to the tech sector. Some in the crypto industry have expressed concern, with Gemini CEO Tyler Winklevoss commenting, “It appears things will have to get worse in NYC before they get better.”

The mayoral election is scheduled for November 4, a race that could set New York’s path to innovation.