After securing a win against ex-New York Governor Andrew Cuomo in the Democratic primary on Tuesday, Mamdani, a member of the New York State Assembly, will be competing against Republican candidate Curtis Sliwa, incumbent NYC Mayor Eric Adams, and allegedly Cuomo himself, who is said to be running as an independent following his primary defeat.

Interestingly, all major candidates, apart from Mamdani, have expressed support for the cryptocurrency industry in the past. Adams, who first ran for mayor in 2021, even committed to accepting his first three salaries in Bitcoin (BTCUSD) and has been a vocal proponent of crypto, advocating for BTC-backed municipal bonds and hosting a digital asset summit at the mayoral mansion.

Despite trailing in the polls, Sliwa ran a pro-crypto campaign in 2021, with promises to increase the number of crypto ATMs throughout New York City and encourage local businesses to accept digital assets.

Cuomo, on the other hand, reportedly provided advisory services to cryptocurrency exchange OKX in 2021, during a period when the company was under investigation by US authorities for running an unlicensed money-transmitting business. The exchange was ultimately fined $505 million. Mamdani has publicly criticized Cuomo’s association with the exchange.

Since his primary victory, Mamdani has faced opposition from notable figures in the crypto industry, including Gemini co-founder Cameron Winklevoss. His brother Tyler Winklevoss even suggested financially supporting a candidate who could defeat Mamdani.

The outcome of the November election could significantly impact New York City’s crypto policies. As a major business hub in the US, the city is home to several crypto firms, including stablecoin issuers Paxos and Circle, cryptocurrency exchange Gemini, and payments company MoonPay. Regardless of the criticism, any future NYC mayor looking to bring about change would likely only be able to exert political pressure on the state’s legislators.

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During the Permissionless conference held in Brooklyn on Tuesday, Adams, who is seeking reelection as an independent candidate, revealed his plans to establish a city council dedicated to promoting cryptocurrency policies at the state level. He also intends to facilitate the use of cryptocurrency for city services and to introduce digital asset education in schools.

“The number of bills that were passed at the federal level to address this issue in the first 120 days is truly remarkable,” Adams commented, possibly alluding to Congress’ efforts to regulate payment stablecoins and the cryptocurrency market structure. “Now we’re seeing cities and states join in with the same momentum.”

The mayor’s comments were made amidst a heated Democratic primary on Tuesday, with Cuomo, who resigned in 2021 amidst allegations of sexual misconduct and an impeachment investigation, seemingly leading the race.

Adams, a known crypto enthusiast who announced that his first three mayoral paychecks would be in Bitcoin, said he still holds the funds. He is expected to compete against Republican candidate Curtis Sliwa and the winners of the Democratic primary in November.

Adams has been advocating for the establishment of a Bitcoin-backed municipal bond in New York City. Despite criticism from Comptroller Brad Lander who labeled the proposal as “legally dubious and fiscally irresponsible”, Adams suggested at the Permissionless conference that he was exploring ways to overcome the opposition.

Adams himself has faced legal challenges during his tenure, including corruption charges over alleged illegal donations from the Turkish government. These charges led to interventions from Justice Department officials appointed by former US President Donald Trump, sparking resignations and allegations of politically motivated actions.

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