Zohran Mamdani Wins NYC Mayor’s Race What It Means for Crypto and the City
Zohran Mamdani has publicly won the New York City mayoral election beating former governor Andrew Cuomo in a highly watched contest...
Quick overview
- Zohran Mamdani has won the New York City mayoral election, defeating former governor Andrew Cuomo, marking a significant moment for the city's progressive movement.
- Prediction markets like Polymarket accurately forecasted Mamdani's victory, with over 92% of players betting on him.
- Mamdani, a Democratic Socialist, aims to address issues like housing affordability and economic equity while being cautious about cryptocurrency regulation.
- The cryptocurrency industry has mixed reactions to Mamdani's win, with concerns about potential impacts on innovation and business in New York.
Zohran Mamdani has publicly won the New York City mayoral election beating former governor Andrew Cuomo in a highly watched contest that attracted interest from both political and cryptocurrency circles. His win which was strongly backed by prediction markets like Polymarket heralds a new chapter in the city’s progressive movement as well as possible shifts in the financial and technological landscape.
Prediction Markets Get It Right Again
Blockchain-based forecasting systems had already predicted the result before to election day.
Above 92% of players on Polymarket bet on Mamdani’s victory with a $1 million position demonstrating a high level of confidence in his lead. Similar outcomes surfaced on Myriad Markets, confirming prediction markets’ increasingly solid reputation for correctly predicting election outcomes.
From Donald Trump’s victory in the 2024 presidential election to the Democratic primary in New York earlier this year they always delivered true forecasts.
🇺🇸 LATEST: Zohran Mamdani wins New York City mayoral race but his stance on crypto remains unclear.
Will he embrace the industry or shun it? 👇 pic.twitter.com/785HWxgLnT
— Cointelegraph (@Cointelegraph) November 5, 2025
Zohran Mamdani: Who Is He?
Zohran Mamdani age 34 was up in New York City but was born in Uganda. A Democratic Socialist and former member of the state assembly he run on a platform of taxing the city’s top 1% earners in order to address housing, childcare and affordability.
With the help of a broad grassroots coalition Mamdani became the first Muslim mayor of New York City making his victory historic. Social justice, economic equity and openness in government were the main topics of his campaign.
Mamdani’s Stance on Crypto
Mamdani has been wary about cryptocurrency in contrast to rival Andrew Cuomo and former mayor Eric Adams. He has hardly discussed digital assets in public and has prioritized consumer safety over advancing the cryptocurrency sector.
Mamdani supported Attorney General Letitia James’s bill in 2023 to safeguard small investors following the demise of FTX and the Terra stablecoin. He declared,
“Small investors from low-income communities suffer when cryptocurrency companies fail not the rich.”
Additionally citing environmental concerns he co-sponsored a bill to halt proof-of-work cryptocurrency mining using local energy sources.
Reaction of the Crypto Industry
The cryptocurrency and finance sectors in New York have had differing opinions about Mamdani’s victory. Tyler Winklevoss a co-founder of Gemini, and investor David Sacks voiced concern that his actions could slow innovation and drive away tech companies.
Bill Ackman a billionaire hedge fund manager even gave more than $1 million to political committees against Mamdani during the campaign. In the meantime Cuomo was supported by the pro-crypto organization Innovate NY PAC which hoped for a more business-friendly government.
- In response to the criticism, Mamdani said,
- “He’s spending more money against me than I would even tax him.”
How Much Power Does the Mayor Have Over Crypto?
Experts claim the mayor has no direct effect over cryptocurrency, despite the industry’s worries. State and federal authorities, not City Hall, are responsible for the majority of securities and financial regulations.
The mayor can still have an impact on things like business permits, licensing, and tax incentives, which may have an effect on how local cryptocurrency companies function.
The majority of cryptocurrency activity in New York is already governed by the BitLicense regime, thus businesses are mainly shielded from changes in city-level regulations.
You guys just can't ignore this anymore
Polymarket has been confidently predicting that Mamdani would become mayor of New York since the beginning of summer
Just one minute after the polls closed, Polymarket declared Mamdani the winner
Many called this market rigged until the… https://t.co/hcyrQYOoW5 pic.twitter.com/miwhChxk4m
— izlam (@bckfv_eth) November 5, 2025
In the future Mamdani will take office on January 1, 2026. It is expected that he would continue to prioritize consumer safety housing affordability, and economic justice. His regulation of cryptocurrency will probably be more concerned with maintaining sustainability and fairness than with outright prohibition.
The cryptocurrency sector in New York is now keeping an eye on Mamdani’s progressive plans to see if they will present any new chances or barriers for one of the most significant financial hubs in the world.
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