New York City Mayor Zoran Mamdani on Monday distanced himself from crypto-related efforts promoted by his predecessor, saying he owns no cryptocurrencies and has no plans to invest in digital assets.
Speaking to reporters at Samsung Stages, Mamdani said “no” when asked if he held any cryptocurrencies, adding that he was also not interested in buying the New York City Token, which former Mayor Eric Adams launched earlier this week.
New York City Mayor Zoran Mamdanni addresses the press on Monday. sauce: DRM News
On Monday, Adams launched a new meme coin, the NYC Token, in his first major public action since leaving office. He said proceeds from the tokens will support education initiatives and other social causes. However, the token faced “rug pull” allegations after unconfirmed reports that the team intentionally removed liquidity, resulting in millions of dollars in losses for investors. Details had not been made public at the time of Mamdani’s remarks.
Nansen research analyst Nikolai Sondergaard said Adams’ project “certainly seems to fit the umbrella term ‘rag pull’ based on its illiquidity removal actions,” adding:
“What they have done is effectively trap traders and force many to sell at a loss in an illiquid environment, and even when liquidity is restored, the damage done will not be reversed.”
Mamdani campaigned on a message of affordability for New Yorkers, but was largely silent on crypto policy ahead of the November election, which he won with 50.8% of the vote. In 2023, as a member of the New York City Council, he sponsored legislation that would strengthen consumer protections related to stablecoin issuers.
Related: Is Zoran Mamdani really the bad guy for New York’s crypto industry?
He faced opposition from many in the cryptocurrency industry, including Gemini co-founder Tyler Winklevoss and David Sachs, US President Donald Trump’s AI and crypto czar.
What will happen to cryptocurrencies in New York under the Mamdani administration?
Less than two weeks after taking office, Mamdani said in his first speech as mayor that local government would “deliver on the agenda of safety, affordability and prosperity” and advance policies he said would take him “on a different path” than the previous government.
By contrast, Adams said before leaving office that he would advocate for policies and laws that favor the crypto industry, as support for Mamdani grows. The former mayor famously received his first three salaries as mayor in Bitcoin (BTC) in 2022, a campaign promise he later said he did not regret.
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