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, said on Saturday.

A part of this may even contain creating a brand new chief innovation officer place geared 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 growth, and chopping crimson tape for these rising industries,” Terrett added, citing unnamed sources accustomed to the matter.

Cuomo has expertise in crypto, having advised crypto exchange 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 by means of on his reported plans, NYC may shift from a regime characterised by ruthless enforcement action to at least one that draws and retains extra trade expertise and locations itself on the forefront of financial innovation.

NYC is a bridge for TradFi and crypto 

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

The New York Stock Exchange and Nasdaq boast market caps over $30 trillion — far exceeding the third-place Shanghai Stock Exchange 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 Know-how final Tuesday.

“The workplace will promote the accountable use of digital property and blockchain applied sciences, develop financial alternatives for New Yorkers, appeal to 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 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.