What Mamdani’s mayoral win means for crypto in New York
Zohran Mamdani has won the New York City mayor’s race, and the city’s crypto industry is waiting to see how his administration will affect business.
Zohran Mamdani has won the New York City mayoral election after a long campaign. Over the past year, the city’s crypto industry has been watching closely to see what a Mamdani mayorship could mean for the blockchain space.
The Associated Press called the race in favor of Mamdani on Wednesday. He beat out former Governor Andrew Cuomo, who ran as an independent, and Republican Curtis Silwa. Mamdani’s campaign focused on cost-of-living issues in New York City, such as rent and childcare, and proposed funding these initiatives with a tax on the city’s top 1% earners.
Some in the cryptocurrency industry, such as crypto exchange Gemini co-founder Tyler Winklevoss, were dismayed by Mamdani’s popularity in the polls. Critics claimed that his policies would be a disaster for businesses in the city.
