Is NYC Mayoral Candidate Zohran Mamdani a Threat to Crypto?

New York’s mayoral primary just shook up the political and crypto landscape. Zohran Mamdani, a progressive assemblyman from Queens, won the Democratic nomination on June 24, defeating former governor Andrew Cuomo and setting up a general election showdown with incumbent Mayor Eric Adams.

Mamdani’s win has rattled many in the crypto industry, not because of what he’s said about blockchain—but because of what he hasn’t.

Crypto Execs Sound the Alarm

While Mamdani has mostly remained silent on Web3, his track record of supporting financial reform and regulation has led crypto execs like Tyler Winklevoss and David Sacks to issue dire warnings.

“It appears things will have to get worse in NYC before they get better,” Winklevoss posted.

“Wake up, Silicon Valley,” Sacks added, likening Mamdani’s campaign to “communism” creeping into American cities.

So far, the only public record on crypto from Mamdani was his 2023 endorsement of New York AG Letitia James’ call for tighter stablecoin regulations, shortly after the Terra collapse. His stance then was in line with most Democrats, even pro-crypto ones, who wanted better consumer protections after billions evaporated from the market.

Mamdani vs. Adams: A Tale of Two Crypto Agendas

While Mamdani has stayed mostly quiet on crypto during this campaign, his opponent has been anything but.

Mayor Eric Adams campaigned on turning NYC into a crypto capital, even taking his paycheck in Bitcoin. His office backed blockchain education, public wallet experiments, and pro-crypto rhetoric.

But despite the promises, even NYC-based crypto founders say little actually changed under Adams.

“Nothing that I can notice,” said PubKey founder Thomas Pacchia.

This exposes a deeper truth: The mayor’s actual power over the crypto industry is limited. The New York Department of Financial Services (NYDFS) and Attorney General set most policy and licensing standards, not City Hall.

Even if Mamdani wanted to go full anti-crypto, he’d need help from state regulators to make a dent.

Could Crypto Win Him Over?

One alternative? Get him onside.

According to crypto attorney Aaron Brogan, Mamdani may be persuaded with the right mix of reasonable policy compromises and campaign donations.

“A neutral stance is likely if the industry engages early,” Brogan said.

And with his youth-focused platform drawing record turnout, Mamdani may want to avoid alienating a younger, Web3-savvy base.

Bigger Issues Than Crypto

Crypto may not even be Mamdani’s biggest challenge.

His decision to not cooperate with ICE has drawn fire from former President Donald Trump, who falsely claimed Mamdani is in the country illegally. Congressman Andy Ogles went so far as to call for him to be denaturalized.

Despite the backlash, political insiders like strategist Bradley Tusk believe Mamdani’s path to victory looks strong—especially given Adams’ low approval and Cuomo’s lack of traction as an independent.

“The general election is not going to be competitive,” Tusk said.

Still, crypto players may try to influence the outcome, with Winklevoss hinting at financial support for a Mamdani challenger.