Popular NYC mayoral candidate Zohran Mamdani finally mentioned crypto in a campaign commercial, and he went somewhat on the offensive. His newest ad skewered Andrew Cuomo for working with OKX during a federal investigation.
Since Trump became the pro-crypto President, accusations of political corruption have hounded the industry from every angle. Zohran could turn these concerns into powerful momentum against the industry.
Will Zohran Oppose Crypto?
Ever since Zohran Mamdani won the NYC mayoral primary in June, the community has wondered what his crypto policy would be.
Eric Adams, the current mayor, already staked his claim as the pro-industry candidate, so observers assumed Zohran might take a hostile stance. His newest campaign ad criticizing former Governor Andrew Cuomo may validate those fears.
“Who paid for Cuomo’s services? He refuses to say. But what journalists have been able to piece together is troubling….Cuomo advised a cryptocurrency exchange based in the Seychelles as it faced federal investigations,” Zohran claimed.
Specifically, Zohran referred to OKX, a popular crypto exchange that indeed faced federal charges in 2024. Since President Trump took office, however, it has settled with the DOJ as part of a trend in reduced crypto enforcement.
Zohran tweeted about Cuomo’s OKX dealings in April, but this attack ad might be an escalation. His commercial called attention to several scandals associated with Cuomo, including his Jeffrey Epstein connections, but listed the exchange first.
As a New York native, President Trump is extremely relevant to this local race. He publicly considered supporting Cuomo, and Zohran already capitalized on this association.
The accolade of “Trump’s choice for mayor” probably won’t help anyone in a deep-blue city like NYC. The Trump-Cuomo connection might only invite more attacks.
After all, as recent incidents showed, Trump-related crypto corruption can hurt Democrats too.
Blowback From the Crypto President
Zohran’s ad could mark a negative milestone for the crypto industry. Since President Trump took office, backdoor deals, blatant favoritism, and defanged regulators have repeatedly made headlines.
The industry significantly inflated Trump’s net worth, and this association may tarnish its brand.
Zohran, meanwhile, is Polymarket’s overwhelming favorite to win this election. If he keeps this tack and wins, other candidates nationwide could continue hammering crypto’s alleged political corruption.
The industry should be very worried about blowback from these associations. Trump won the popular vote in 2024, but political horizons can change quickly.
If Zohran puts crypto in the crosshairs of an anti-corruption campaign, he might have plenty of damning evidence.
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