The New York City mayoral race is emerging as a new battleground for crypto backers, particularly after the Democratic primary saw Zohran Mamdani, who lacks a defined stance on cryptocurrency, emerge as a leading candidate. This has drawn attention from the crypto industry, which is eager to influence the election's outcome.

The mayoral race includes candidates with established positions on crypto and blockchain technology. Mayor Eric Adams, now running as an independent, is known for his pro-crypto stance, including his past announcement that he would accept his first three paychecks in Bitcoin. Adams has criticized former Governor Andrew Cuomo's approach to crypto, stating that Cuomo "dismantled and destroyed the industry". He is advocating for a city council to promote crypto policies and exploring the use of crypto for city services, along with introducing digital asset education in schools. In addition, Adams has been pushing for New York City to establish a Bitcoin-backed municipal bond. However, this proposal has faced opposition, with Comptroller Brad Lander calling it "legally dubious and fiscally irresponsible". Adams suggested he was exploring ways to "circumvent" this opposition.

Other candidates, including Republican Curtis Sliwa, have also campaigned on crypto policies. The focus on Mamdani stems from his relatively unclear position on the matter, making him a target for influence from crypto proponents.

The unexpected rise of Mamdani has spurred reactions from various financial figures. Bill Ackman, for instance, has sought suggestions for a "centrist" candidate to challenge Mamdani. Following Mamdani's primary win, some of Cuomo's backers are reportedly considering shifting their support to Eric Adams. Ackman has claimed that substantial financial resources could be quickly assembled to support a viable competitor to Mamdani.