New York City's newly elected Mayor, Zohran Mamdani, has made it clear that he does not own any cryptocurrency and has no intention of investing in digital assets, setting himself apart from the crypto-friendly stance of his predecessor, Eric Adams. Speaking at Samson Stages, Mamdani was unequivocal in his response to questions about his crypto holdings, stating that he neither owns any nor plans to purchase the NYC Token, a memecoin recently introduced by former mayor Adams.
Eric Adams launched the NYC Token shortly after leaving office, claiming that proceeds would support educational and social initiatives. However, the project quickly attracted controversy, facing accusations of a "rug pull" after reports emerged suggesting liquidity was deliberately withdrawn, leading to significant investor losses. Nicolai Sondergaard, a research analyst at Nansen, commented on the situation, noting that the actions likely trapped traders and forced them to sell under unfavorable conditions.
Mamdani, who secured his mayoral position with a platform focused on affordability for New Yorkers, had not prominently featured crypto policies during his campaign. However, during his tenure in the New York City Assembly, he backed legislation aimed at strengthening consumer protections concerning stablecoin issuers.
Despite opposition from figures in the crypto industry, including Gemini co-founder Tyler Winklevoss and former presidential advisor David Sacks, Mamdani's win reflects a shift in priorities for the city's governance. In his inaugural address, the new mayor emphasized a commitment to an agenda prioritizing safety, affordability, and abundance, marking a departure from Adams' pro-crypto initiatives.
In contrast, Eric Adams famously embraced cryptocurrency during his time in office, notably receiving his initial three paychecks in Bitcoin—a decision he stood by despite its mixed reception. As Mamdani takes the helm, the direction of cryptocurrency policy in New York City remains a topic of significant interest and speculation.