Zohran Mamdani, a candidate for New York City mayor, has created a significant buzz on social media with his 'social democratic' political ideology and appealing campaign approach. However, his stance on cryptocurrency remains unclear.
Meanwhile, Mamdani's opponents are already trying to sway public opinion by relying on the cryptocurrency industry.
Zohran Mamdani, Cryptocurrency Silence
New York City is a major cryptocurrency industry hub, with mayoral elections scheduled for November 4, 2025.
Current Mayor Eric Adams, who was elected as a Democrat, is now running for re-election as an independent candidate. Former New York State Governor Andrew Cuomo is also running.
These two have previously run on the Democratic ticket and are facing an emerging newcomer in the New York City mayoral race.
He is 33-year-old New York State Assemblyman Zohran Mamdani, who secured the Democratic Party nomination by defeating Cuomo. Cuomo now plans to run as an independent candidate.
Mamdani has already gained significant popularity outside of New York's five boroughs.
On July 16, Mamdani was in Washington. He met with key Democratic figures like Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez, who all supported Mamdani in the party's primary against Cuomo.
Sanders tweeted that day that he was "deeply impressed by the grassroots campaign he is running".
However, Mamdani has never mentioned cryptocurrency. BeInCrypto requested opinions on the blockchain industry from Mamdani's campaign and congressional office.
No response was received at the time of reporting.
Had a great meeting with @ZohranKMamdani and am deeply impressed by the grassroots campaign he is running.
— Bernie Sanders (@BernieSanders) July 16, 2025
The Oligarchs are prepared to undermine democracy & spend tens of millions to buy the election for his opponents.
We will not allow that to happen. Stand with Zohran. pic.twitter.com/wXTjs8AOJd
His support base is primarily young, but he has not yet mentioned policies on blockchain and cryptocurrency, despite the city being well-known for this industry.
Some in the cryptocurrency industry may be concerned. Major Democratic figures have been largely critical of cryptocurrency due to consumer protection issues.
Mamdani's Political Ideology, Hindrance to New York Cryptocurrency Development?
Among cryptocurrency opponents, the most vocal Democrat is Elizabeth Warren. On July 17, she said on CNBC that Mamdani is willing to "try new ideas".
This might not be enough to assure cryptocurrency supporters that Mamdani is the right person to promote blockchain technology in New York, where companies like Uniswap, OpenSea, and Consensys are headquartered.
Brian Mahoney, Vice President of Business Development at Thesis, a Bitcoin startup accelerator, said in New York that it is "not positive".
Influential Democrats like Warren have not hesitated to criticize the cryptocurrency industry. Mamdani's stance as a "socialist" Democrat may not align with the free market ideals of blockchain and cryptocurrency.
His position is not yet clear, making it difficult to judge. It may take time for his stance to become more concrete before the November election.
"I supported him because I believe he is progressive and that government should serve everyone and provide care to those most in need," said Benjamin Siegel, Product Lead at Octant, which supports public goods funding for cryptocurrency. "I don't care about his cryptocurrency policies – and I would never vote for a candidate based solely on cryptocurrency policy."
Considering New York State's burdensome BitLicense requirements, many cryptocurrency companies hoping to reduce regulations may be concerned if Mamdani begins to criticize the industry.
"The world and our industry would be better if we acknowledge that there are things more important than $$ going up," Octant's Siegel added.
However, most cryptocurrency companies worried about stricter regulations in New York might fear a far-left mayoral candidate like Mamdani.
This is primarily because Mamdani plans to provide free buses and freeze citizens' rent in New York City.
The current opposing candidate, Eric Adams, already sees cryptocurrency as a fundraising opportunity and is actively working to attract it. The Empower NYC super PAC is primarily raising up to $10 million from the cryptocurrency and banking industries for Adams.
It will be interesting to see how Mamdani's views and stance on cryptocurrency develop. Is cryptocurrency a force for change for people in his view?
Does he see it as harmful to New York City's people, or does he see it that way despite being an industry hub? Only time and Mamdani's stance will tell the truth.
"I think he is very silent on cryptocurrency. Generally, this is not a good sign." – Art Malkov, Web3 Startup Advisor at Techstars, a New York-based accelerator.
