NYC Mayoral Candidate Andrew Cuomo Plans Crypto Capital

Former New York governor Andrew Cuomo is reportedly betting huge on crypto and AI as a part of his bid to return as 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 town integrates new know-how, co-host of Crypto in America, Eleanor Terrett, stated on Saturday.

A part of this will 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 reducing crimson tape for these rising industries,” Terrett added, citing unnamed sources accustomed to 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 price of fines and penalties.

Ought to Cuomo be appointed and comply with via on his reported plans, NYC might 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 monetary 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, provided 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 palms, 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, entice world-class expertise, and reinforce town’s standing because the world’s hub for monetary and technological innovation,” his workplace stated.

Cuomo is an underdog towards an anti-innovation Democrat

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

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