Zohran Mamdani: NYC’s Potential Mayor and Crypto
Zohran Mamdani is currently making waves in the news after winning the primary election to be considered for New York Mayor. As a Muslim and a democrat, he already faces a lot of opposition, but what would his election mean for cryptocurrency?
The election of Zohran Mamdani could be bad news for cryptocurrency, but we think individuals are making him out to be more of a villain than he really is. Keep reading to learn more about Zohran Mamdani and what the future of crypto in New York would look like if he is elected mayor.
Who is Zohran Mamdani?
Zohran Mamdani is a current New York State Assembly member who was born in Uganda in 1991. Both of his parents are originally of Indian descent, with his mother being born Hindu and his father being a practicing Muslim. Though he spent his earliest years in Uganda and South Africa, his parents moved to New York when he was 7, and he spent most of his life within the United States. In fact, he states he barely remembers his years outside of the US now.
It is critical to note that, despite rumors, Zohran Mamdani is a legal United States resident, as he was naturalized in 2018. He will not be deported, nor will his naturalization be revoked. Any comment claiming these things is a lie.
Before running for local elections, Mamdani worked in foreclosure prevention in Queens, helping individuals avoid evictions and supporting their efforts to remain in their homes. This has provided him a strong background in the necessity of affordable housing, and he is very pro-education. Currently, he is running for the position of Mayor in NYC.
What Does He Propose for Changes in NYC Government?
Many individuals are upset about the prospect of a Muslim Mayor, and as such, have spread rumors that Mamdani is so left-leaning he is practically a Soviet. We are here to set the record straight: Below are some of the actual policies Mamdani plans to pursue if he is elected:
· Public preschool, baby baskets with necessities given to new moms.
· City-owned grocery stores
· Rent freeze on rent-stabilized units
· Promise to construct more affordable housing units.
· Public safety reform
· $30 minimum hourly wage by 2030
· Enact environmental protection policies.
· He plans to ensure further consumer protections in investing.
· Free buses within the city boundaries
· Tax increases on corporations that net over $1 billion in profit each year.
**The most unique thing about Zohran Mamdani, in our opinion, is his willingness to compromise on most issues. This means companies that are worried that he would be elected and enact policies against their best interest should look more at what options they could present to him, rather than grumbling against him.
For example, Mamdani has been harshly critical of the war in Israel, as he is anti-war, but in the same breath, he has worked to protect Hasidic yeshivas (Jewish Torah schools), which are currently facing issues with the New York government over accusations of improper education.
Is Zohran Mamdani Really Bad for Crypto?
Zohran Mamdani has said very little about his stance on cryptocurrency, and it isn’t one of his major campaign topics. While he has stated he wants to improve consumer protections when it comes to investing, this applies to all investing and not just cryptocurrency investing.
In our opinion, the rumor that the election of Zohran Mamdani would be bad for cryptocurrency is only fearmongering. Why? Well, Mamdani is only running for NYC mayor—this means in the grand scheme of things, he actually holds very little legislative power.
Sure, he could add additional hoops for cryptocurrency companies, but those who didn’t want to adhere could move somewhere else—and they wouldn’t have to move far at all to excuse themselves from Mamdani’s regulations. What’s even crazier is the fact that several companies (Google) have moved abroad just to avoid taxes, so thinking one measly mayor would stop these companies from advancing in blockchain is idiocy.
Rather, we are calling this for what it is, and it’s islamophobia. Those stating that Mamdani would ruin New York for crypto simply don’t want Mamdani in power because he is a Muslim; it has nothing to do with his actual policies. In fact, the US government has recently made large strides in crypto—so large that a single mayor won’t be stopping a company that wants to enter the blockchain industry: full stop.
It's important to note that the incumbent mayor, Eric Adams, took a huge pro-crypto stance, though his words didn’t match his eventual actions, and most of his campaign promises in regard to crypto have fallen to the wayside. This suggests, that even if Mamdani is anti-crypto, there will be little he can do to impose his beliefs on the individuals and businesses residing in New York City.
Who Is Against Mamdani?
As you can imagine, there are many famous individuals against Mamdani simply because he is a Muslim and because he promotes policies a bit further left than Americans are used to. We don’t think he is a bad person at all, especially because those who are speaking out against him have clear motives for him not to win. The most outspoken are as follows:
· David Sacks
· Andy Ogles
· Marc Schneier
· Jonathan Greenblatt
· Ammiel Hirsch
· Dan Goldman
Of course, there are likely more; however, these are the large names that are against Mamdani. Most are business owners who would see increased taxes if he were elected, while the remainder are Pro-Israel jews who believe heavily in Zionism.
Overall, despite the widespread rumors about Zohran Mamdani being a communist, he is actually a far-left-leaning democrat who is willing to find the middle on many policies, including those that affect crypto adoption. While we aren’t in New York and thus won’t be voting one way or another, we don’t think Mamdani is the evil candidate that many make him out to be. Rather, we think individuals should consider more how they can come to a compromise with Mamdani rather than digging in their heels against him.
