But sentiment among crypto leaders was shaken even before the result was in.
Gemini’s Winklevoss twins mocked Mamdani’s rise in the polls, while White House AI and Crypto Czar David Sacks actively voiced out against him.
Source: X
Shaun Maguire of Sequoia Capital also posted controversial remarks on X (formerly Twitter) that drew backlash.
Source: X
Meanwhile, TradFi didn’t wait. Political action committee (PAC) money quietly shifted toward independent opponent Andrew Cuomo, seen by many as the “safer” choice. This could mean that parts of Wall Street expected tighter conditions if Mamdani took City Hall.
AMBCrypto previously reported that Cuomo tried to use crypto to energize his campaign. Last month, he said he would appoint a Chief Innovation Officer to push AI, blockchain, and biotech.
This was to position New York as a “world capital for digital finance.”
Source: andrewcuomo.com
This was widely seen as a direct pitch to crypto-friendly voters, especially after Mayor Eric Adams had already launched the Office of Digital Assets and Blockchain.
Mamdani later called Cuomo’s crypto links a conflict of interest, pointing to his advisory ties to OKX (which eventually settled more than $500 million with U.S. agencies).
Mamdani’s only clear crypto trail
If the industry is looking for a “policy tell,” Mamdani’s actual record points to one theme: protecting retail.
He co-sponsored Assembly Bill A7389C, which pushed to pause proof-of-work mining tied to on-site energy use.
Source: X
He publicly supported AG Letitia James’ consumer protection bill after the Terra and FTX wipeouts, arguing that the collapses hit low-income investors the hardest.
Source: X
He hasn’t hesitated to draw sharp contrasts. In April, he publicly criticized Andrew Cuomo for advising OKX while the exchange faced federal scrutiny.
Although Mamdani didn’t campaign on crypto directly, the few actions he’s taken point clearly toward regulatory guardrails.
What the industry should expect next
Even if Mamdani wanted to transform crypto overnight, he doesn’t have the power to do so.
Securities regulations are set in Washington, licensing rules come from Albany, and the BitLicense remains a rigid barrier between New York City and the crypto industry.
While a mayor can adjust taxes, zoning, and permits, that influence falls far short of the “crypto hub” promises made during the Eric Adams era. Realistically, the focus now is on compliance, not expansion.
New York still holds symbolic weight, but the real authority lies in Albany and Washington.
