Andrew Cuomo Promises Crypto Market Reform in New York
Date: 2025-10-20 Author: Gabriel Deangelo Categories: IN WORLD
"The mayor must lead the city to leadership in the areas that will shape the future—artificial intelligence, blockchain, and biotechnology. The mayor's role is to make New York not just competitive, but a leading center of global innovation," Cuomo stated.
Today, New York is considered one of the strictest jurisdictions for crypto companies. In particular, a BitLicense, issued by the New York State Department of Financial Services (NYDFS), is required to legally operate in the state. Strict regulatory requirements have forced many companies to leave the state in search of more favorable conditions.
To implement his initiatives, Cuomo will face competition from Zohran Mamdani, the front-runner for mayor. Mamdani opposes the development of cryptocurrencies and has previously called for stricter regulation of the industry.
Cuomo intends to continue the policies of current Mayor Eric Adams, who supports digital assets. In May 2025, Adams called for the repeal of the BitLicense, noting that it hinders New York's ability to become a leader in the crypto industry.
Experts believe Cuomo's plans could attract new tech companies to the city and stimulate innovative development in the financial sector. The creation of a specialized council and a simplified regulatory environment will allow New York to compete with other international digital asset hubs such as San Francisco and London.
The implementation of Cuomo's campaign platform will be a test for his team and will demonstrate the city's readiness to adapt to modern technological trends. His success or failure in reforming the crypto market will impact New York's position on the global financial stage.
Overall, the candidate's initiative is aimed at creating a favorable environment for innovation and technological leadership, which could transform New York's status as a key hub of the global economy.
