NYC mayoral candidate Andrew Cuomo plans crypto capital

Former New York governor Andrew Cuomo is reportedly betting big on Crypto and AI as part of his bid to return as the city’s next mayor.

New York City mayoral candidate plans to make NYC the “Global Hub of the Future” by coordinating initiatives across Blockchain, AI and Biotech Industries and Innovation said on Saturday.

Part of this will also involve the creation of a new innovation officer position aimed at attracting more investment and jobs to boost innovation, he said.

An innovation council with three advisory committees for Crypto, AI and Biotech will be formed to “advise adoption, workforce development, and cutting red tape for emerging industries,” Terrett added, citing unnamed sources familiar with the matter.

Cuomo has experience in crypto, having Advised Crypto Exchange Okx Over a federal investigation that resulted in pleading guilty to multiple violations and agreeing to pay more than $500 million worth of fines and penalties.

Should Cuomo be appointed and follow through on his reported plans, NYC could move from a regime characterized by ruthless enforcement action to one that attracts and retains more talent in the industry and puts itself in front of Financial innovation.

NYC is a bridge for tradfi and crypto

It can also strengthen the bridge between tradfi and crypto and more channel flow in crypto markets, that’s a given Wall Street has the largest concentration of capital in the world.

The New York Stock Exchange And NASDAQ boasts market caps of more than $30 trillion—more than third place Shanghai Stock Exchange around $8 trillion.

NYC’s current mayor, Eric Adams, has taken action into his own hands, promotion The first municipal office of digital assets and blockchain technology last Tuesday.

“The office will promote the responsible use of digital assets and blockchain technologies, grow economic opportunities for New Yorkers, attract global talent, and strengthen the city’s position as a world hub for financial and technological innovation,” his office said.

Cuomo is an underdog against an anti-innovation Democrat

Adams initially sought a second term but withdrew from the race last month amid mounting political pressure to stand down.

Cuomo is competing with anti-tech Democrat Zohran Mamdani and Republican Curtis Sliwa to replace Adams as the new mayor, with a vote scheduled to take place on November 4.