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Former New York Governor Andrew Cuomo announced his candidacy for New York City mayor on Saturday, pledging to dismantle the state’s controversial BitLicense regime and transform the city into a “global hub” for blockchain innovation. The campaign marks Cuomo’s return to politics after resigning in 2021 amid sexual harassment allegations, positioning himself as a pro-crypto alternative to progressive frontrunrunner Zohran Mamdani, who has called for stricter digital asset regulations.
“The next Mayor must make sure we’re also leading in the technologies that will define the next century AI, blockchain, and biotech,” Cuomo said in a campaign statement. “That’s what this position is about: keeping New York City not just competitive, but dominant in the global innovation economy.”
Cuomo, who served as Governor from 2011 to 2021, aims to make New York City the ‘global hub of the future’. His proposal centers on appointing a Chief Innovation Officer (CIO) to spearhead initiatives across artificial intelligence, biotechnology, and blockchain. The move, if enacted, would mark a significant shift in how city hall manages the Newyork crypto framework, which has long been viewed as restrictive to businesses and investors.
A key part of Cuomo’s plan involves forming an Innovation Council, which will guide the CIO on developing industry-friendly regulations and consumer protection policies. The council will operate through three committees each dedicated to crypto, AI, and biotechnology to ensure New York’s policies remain adaptive to technological evolution.
The proposed crypto and blockchain advisory committee will be tasked with “replacing outdated regulations” under the Newyork crypto framework with a modernized model that promotes responsible growth while maintaining consumer safeguards.
New York has the talent and capital to lead the next wave of digital innovation, but only if our policies match our potential, said Dr. Lisa Carmona, a technology policy analyst at Columbia University. Updating the Newyork crypto framework could help attract blockchain startups that have been leaving for states like Florida and Texas.
New York’s existing BitLicense system, introduced in 2015, has been widely criticized for its complexity and rigidity. Many companies, including Kraken and ShapeShift, have withdrawn from the state due to compliance burdens. Cuomo’s proposal suggests he intends to replace the current regime with a more agile, innovation-driven approach.
Cuomo’s campaign emphasizes his prior involvement in digital assets, citing his advisory role with OKX, a global crypto exchange, during a federal investigation. His experience, he argues, provides him with the insight needed to reform the Newyork crypto framework effectively.
Cuomo’s platform mirrors some of the initiatives launched under current mayor Eric Adams, who has championed crypto adoption and blockchain development since taking office. Adams established the Office of Digital Assets and Blockchain Technology and has publicly advocated for eliminating the BitLicense system entirely.
Regulation should encourage innovation, not strangle it, Adams said at a 2023 fintech event. If we want to keep New York at the forefront of the digital economy, the Newyork crypto framework must evolve.
Despite his ambitious plans, Cuomo faces formidable opponents. Zohran Mamdani, a progressive state legislator and current frontrunner, has positioned himself as an anti-crypto candidate. Mamdani has previously criticized Cuomo’s ties to OKX, particularly after the exchange was fined over $500 million in a federal case.
In 2023, Mamdani also called for stricter cryptocurrency regulations, arguing that the sector remains too volatile to trust without tighter oversight. His stance contrasts sharply with Cuomo’s bid to liberalize the Newyork crypto framework and attract blockchain innovation back to the city.
Cuomo’s other key rival, Republican Curtis Sliwa, has expressed moderate support for digital assets in previous campaigns, advocating for expanded Bitcoin ATM access and crypto-friendly local commerce. However, Sliwa’s 2025 platform focuses more on public safety and urban development than fintech policy.
Political analyst Raj Mehta of the Urban Policy Institute noted that “crypto could become a defining issue in this race. While Mamdani represents caution and regulation, Cuomo’s campaign offers a narrative of modernization through reforming the Newyork crypto framework.”
If elected, Cuomo’s administration would aim to transform New York into a “global center for digital governance and innovation”, leveraging blockchain and AI to streamline municipal services and attract foreign investment. His team promises transparent oversight mechanisms to prevent fraud, consumer abuse, and technological exclusion.
For many in the crypto industry, the proposal represents a potential turning point. A revised Newyork crypto framework could not only make the state more competitive but also redefine its role in shaping global fintech policy.
New York set the early standards for crypto compliance, but now it must set the standards for innovation, said Ava Reynolds, a senior fellow at the Digital Finance Alliance. The success of any reform will depend on whether policymakers can balance trust, transparency, and technological progress.
As the mayoral race heats up, the question remains whether Cuomo’s comeback campaign built on the promise of reforming the Newyork crypto framework will resonate with voters eager for economic revival through digital transformation.
