NYC democratic socialist Zohran Mamdani stands out as a strong mayoral candidate, but his lack of a clear position on cryptocurrency and digital assets regulation spells uncertainty for crypto regulation in one of the U.S.’s key cities.
Zohran Mamdani picked as clear favourite
A key survey organized by the New York Times and Siena University found that 46% of likely voters had plans to choose Mamdani as their choice of candidate, and 9% of likely voters would choose pro-crypto candidate Eric Adams. Mamdani is young, only 34, and is gaining popularity quickly among voters of all ages.
Mamdani’s policies are largely socialist. His proposals, according to his official website, include freezing rents in NYC, fare-free bus services, grocery-store chains with affordable pricing, and a 0-cost childcare program to help New York residents raise their kids in the city without severe financial strain.
He has also promised to spend $1 billion to create a Department of Community Safety. The initiative would change the traditional responsibilities of the NYPD by allowing appointed social workers to respond to certain cases involving mentally disturbed individuals, according to a CBS report.
He also supports the creation of a health-care system run by the state, which would remove private insurance from the city’s hospitals, according to the City Journal.
Eric Adam’s chances slimmed by independent affiliation and speculation of a role change
Even though the current Mayor, Eric Adams, has repeatedly claimed he intends to stay put in his current position, reports have floated around that he is due for either an ambassador role to Saudi Arabia or a position with the Department of Housing and Urban Development.
Eric Adams is not running with a party affiliation but as an independent. Like Mamdani, Adams is affiliated with the democratic party but has received support from the Trump administration when it came to dealing with charges of corruption laid against him in 2024.
The independent status and a possibility of a role switch show chances to be slim for the mayor, but he appears to be extremely bullish on cryptocurrency, as indicated to Coinheadlines earlier in Bitcoin Las Vegas 2025.
How are Democrats and Republicans approaching cryptocurrency?
The Democratic Party has been split in opinion on how to approach the regulation of the crypto sector.
Although key democrats such as Elizabeth Warren and Sherrod Brown have opposed the idea of legitimizing cryptocurrency mainly due to concerns over corrupt practices, 18 Democratic senators crossed over to support Republicans to pass the GENIUS Act in a 68-30 vote.
The Trump administration, which is largely Republican, continues to remain bullish on cryptocurrency. In July, during what was termed as ‘crypto week’, Republican House representatives advanced a trio of pro-crypto bills–the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Genius Act in the House of Representatives.
In August, U.S. President Donald Trump signed an executive order that allowed Americans to include cryptocurrency in their 401K retirement investments.
What will Mamdani’s election do for cryptocurrency?
Adams’s departure, which seems imminent, may not spell the best outcome for digital assets regulation as a whole, as Zohran Mamdani may bring a broader focus on New York-related issues, leaving crypto out of the mix, which has worked out for him.
While all potential candidates have a city-specific approach in their speeches, Zohran Mamdani’s future stance on crypto—or lack of it—could have a major impact on how crypto legislation moves forward in the most populous American city.