Mamdani won the New York City mayoral election, and the industry is closely monitoring its crypto policies

On November 5, according to the Associated Press, Zohran Mamdani, 34, defeated former New York Governor Andrew Cuomo and Republican Curtis Sliva in the election to become the 111th mayor of New York City, becoming the first Muslim and South Asian person to hold the post in more than 100 years. Some of Mamdani's main campaign promises include: exempting city bus fares, freezing rents, providing universal child care, raising the minimum wage by 2030, and taxing large corporations and the richest 1% of New York's population to lower the cost of living. Critics claim his policies will have disastrous consequences for the city's businesses. Crypto industry figures such as Gemini co-founder Tyler Winklevoss, White House AI, and crypto czar David Sacks all opposed Mamdani in the New York mayoral election, publicly backing former New York Governor Andrew Cuomo. Although Mamdani rarely comments publicly on cryptocurrencies, the industry is now closely watching how the socialist mayor's policies will affect digital assets.