NYC Mayoral Candidate Andrew Cuomo Plans Crypto Capital

Former New York governor Andrew Cuomo is reportedly betting large on crypto and AI as a part of his bid to return as the town’s subsequent mayor. 

The New York Metropolis mayoral candidate plans to make NYC “the worldwide hub of the long run” by coordinating initiatives throughout the blockchain, AI and biotech industries and modernizing how the town integrates new expertise, co-host of Crypto in America, Eleanor Terrett, stated on Saturday.

A part of this may even contain creating a brand new chief innovation officer place aimed toward attracting extra investments and jobs to spice up innovation, she stated. 

An Innovation Council with three advisory committees for crypto, AI and biotech could be shaped to “advise on adoption, workforce improvement, and slicing purple tape for these rising industries,” Terrett added, citing unnamed sources acquainted with the matter.

Cuomo has expertise in crypto, having suggested crypto trade OKX over a federal probe that resulted in it pleading responsible to a number of violations and agreeing to pay over $500 million value of fines and penalties.

Ought to Cuomo be appointed and comply with by way of on his reported plans, NYC may shift from a regime characterised by ruthless enforcement motion to at least one that draws and retains extra trade expertise and locations itself on the forefront of economic innovation.

NYC is a bridge for TradFi and crypto 

It could additionally strengthen the bridge between TradFi and crypto and channel much more inflows into crypto markets, on condition that Wall Road has the best focus of capital on earth.

The New York Inventory Change and Nasdaq boast market caps over $30 trillion — far exceeding the third-place Shanghai Inventory Change at round $8 trillion.

The present NYC Mayor, Eric Adams, has already taken motion into his personal fingers, establishing America’s first municipal Workplace of Digital Property and Blockchain Expertise final Tuesday.

“The workplace will promote the accountable use of digital belongings and blockchain applied sciences, develop financial alternatives for New Yorkers, appeal to world-class expertise, and reinforce the town’s standing because the world’s hub for monetary and technological innovation,” his workplace stated.

Cuomo is an underdog in opposition to an anti-innovation Democrat

Adams initially sought a second time period however withdrew from the race final month amid elevated political strain to face down. 

Cuomo is competing with anti-tech Democrat Zohran Mamdani and Republican Curtis Sliwa to switch Adams as the brand new mayor, with voting scheduled to happen on Nov. 4.