Countdown to the New York state election! Encryption organization spends $100,000 to support Cuomo's challenge to the Democratic Party.

With less than a week until New York City residents elect their next mayor, the New York state elections are entering a heated phase. Innovate NY, a political organization that claims to “support digital assets,” has secured approximately $100,000 in funding ahead of the New York City mayoral election, and the organization backs independent candidate and former governor Andrew Cuomo.

Cryptocurrency Organization Intervenes in New York State Elections with $100,000

On Tuesday, Innovate NY announced its support for Cuomo's mayoral campaign, as early voting has begun in the New York state elections. The political group listed a series of campaign agendas, including “blockchain, tokenization, public stablecoins, and artificial intelligence.” This marks the first time the cryptocurrency industry has been so explicitly and widely involved in the New York state elections.

The organization has registered as an independent spender with the New York City Campaign Finance Board, and as of October 29, it has received $99,500 in funding from six individuals through two companies. According to expenditure records, Innovate NY spent $30,000 on flyers supporting Cuomo and opposing Democratic candidate Zoran Mamdani, who is currently leading the former New York governor in many polls.

The content of these flyers directly compares the stances of the two candidates on cryptocurrency policy. Cuomo is portrayed as a “forward-thinking leader who supports innovation and embraces blockchain technology,” while Mamdani is criticized for being “silent on digital assets and lacking a technological vision.” This comparative propaganda may influence swing voters in the final stages of the election.

The New York state elections are drawing significant attention from cryptocurrency industry professionals due to their potential impact on companies operating in the largest economic center in the United States. New York is not only the home of Wall Street but also a global financial hub, and its regulatory stance on cryptocurrencies will directly influence the development of the entire industry. Voters will choose between leading candidates Mamdani, Cuomo, and Republican candidate Curtis Sliwa on November 4.

Cuomo Promises to Establish Innovation Committee: Crypto Policy Becomes the Focus

In the final weeks of the election in New York State, Cuomo vigorously sought the interest of New York voters in cryptocurrency, promising that if elected, he would establish an Innovation Committee with a subcommittee on cryptocurrency, artificial intelligence, and biotechnology. This clear policy commitment is extremely rare in the history of New York State elections, demonstrating that cryptocurrency has moved from a fringe topic into the mainstream political agenda.

The Innovation Advisory Council's plan includes three core components. First, the Cryptocurrency Advisory Committee will consist of industry experts, scholars, and regulators to formulate a friendly and balanced digital asset policy for New York City. Second, the Artificial Intelligence Advisory Committee will explore the application of AI technology in urban management, public services, and economic development. Third, the Biotechnology Advisory Committee will promote New York as a center for life sciences innovation.

This policy framework shows that Cuomo understands the importance of technological innovation for urban competitiveness. New York faces competition from cryptocurrency-friendly cities like Miami and Austin, and many tech companies and crypto firms have left New York due to the regulatory environment. Cuomo's policy commitments aim to reverse this trend and restore New York as the preferred destination for technological innovation.

The leading candidate Mamdani has basically avoided incorporating digital assets into his campaign platform, instead focusing on cost-of-living issues such as childcare services and affordable housing. This strategic choice reflects the mainstream Democratic Party's cautious attitude towards cryptocurrency. Mamdani may believe that cost-of-living issues resonate more with ordinary voters than cryptocurrency policies.

However, this strategy also carries risks. New York has a large group of technology professionals and financial experts who are highly attentive to cryptocurrencies and blockchain technology. If Cuomo can effectively mobilize this segment of voters, alongside funding support from organizations like Innovate NY, it is not impossible to achieve a turnaround in the final stages of the election.

Adams' Crypto Legacy: Continuation of Policies in New York State Elections

Eric Adams, who has served as the Mayor of New York City since 2022, has strongly advocated for cryptocurrency and blockchain policies in the last year of his term. During his tenure as mayor, he hosted a cryptocurrency summit, established a digital advisory board, called for the city government to issue Bitcoin bonds, and recently signed an executive order to create an office for digital assets and blockchain.

Adams announced in September that he would not seek re-election. Previously, he had actively participated in the campaign and received support from cryptocurrency entrepreneur Brock Pierce. The winner of the New York state election will take over Adams' position on January 1, 2026.

Adams' crypto policy legacy sets a new policy baseline for elections in New York State. The establishment of the Office of Digital Assets and Blockchain means that whoever is elected will have to confront the issue of how to handle cryptocurrency policy. Cuomo has pledged to continue and expand these policies, while Mamdani's silence may suggest a shift towards conservatism.

Achievements in Cryptocurrency Policy During Adams' Tenure:

Hosting a Cryptocurrency Summit: Attracting global crypto companies and investors to New York

Establish a Digital Advisory Committee: Provide the city government with recommendations for the application of blockchain technology.

Call for Issuing Bitcoin Bonds: Exploring the Possibility of Incorporating Crypto Assets into Municipal Finance

Establish a Digital Assets and Blockchain Office: Institutionalize the cryptocurrency policy-making mechanism

These policies have significantly improved New York's ranking in cryptocurrency friendliness among U.S. cities, attracting more blockchain companies to choose New York as their office location. Whether the next mayor will continue these policies will determine New York's position in the global cryptocurrency landscape.

The profound impact of New York State elections on the crypto industry

The results of the New York state election will have a profound impact on the entire cryptocurrency industry. New York is not only the largest economic center in the United States but also a core node in the global financial system. Major investment banks, hedge funds, and asset management companies on Wall Street have their headquarters or main offices in New York. The attitude of the New York City government towards cryptocurrency will directly influence whether these financial institutions are willing to expand their business in the digital asset space.

If Cuomo is elected and fulfills his policy commitments, New York could become one of the most cryptocurrency-friendly cities in the world. The establishment of an Innovation Council will provide the industry with a direct channel to influence policy-making, and the Cryptocurrency Advisory Council can help the city government develop a more reasonable regulatory framework. This will attract more crypto businesses back to New York, creating job opportunities and increasing tax revenue.

On the contrary, if Mamdani is elected and maintains his silence on cryptocurrencies, New York may miss out on the opportunities presented by this digital asset revolution. Cities like Miami and Austin have already attracted a large number of crypto companies through friendly policies, and New York's competitive advantage is dwindling.

For cryptocurrency investors, the results of the New York state elections will also affect market sentiment. A friendly New York City mayor will be seen as a signal of an overall warming of the US policy environment, which could boost the prices of Bitcoin and other major crypto assets.