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 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 also contain creating a brand new chief innovation officer place geared toward attracting extra investments and jobs to spice up innovation, she mentioned. 

An Innovation Council with three advisory committees for crypto, AI and biotech could be shaped to “advise on adoption, workforce improvement, and reducing purple tape for these rising industries,” Terrett added, citing unnamed sources acquainted with 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 observe by means of on his reported plans, NYC might shift from a regime characterised by ruthless enforcement action to 1 that pulls and retains extra business expertise and locations itself on the forefront of financial innovation.

NYC is a bridge for TradFi and crypto 

It might 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 Expertise final Tuesday.

“The workplace will promote the accountable use of digital property 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 mentioned.

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 exchange Adams as the brand new mayor, with voting scheduled to happen on Nov. 4.