3rd September 2021 > > New York.

tl;dr

Candidates for the Mayor of New York are all embracing cryptos.

Market Snap

Market Wrap

We see a few pops above $50k in the last 24 hours, but it seems that price cannot be sustained for much more than an hour at most. Alts are getting a lot more positive press right now, indicating to me that markets are in a very bullish mood.

Curious Cryptos’ Commentary – New York City mayoral election

During the primaries for the Democratic nomination both main contenders, Eric Adams and Andrew Yang, made various promises regarding the liberalisation and regulation of cryptos. Until now the approach of the authorities in NYC has been highly restrictive to the extent that residents were prevented from depositing fiat into crypto exchanges.

Eric, who won the nomination contest to be the Democratic candidate, pledged to make NYC “the centre of Bitcoins”.

His opponent, the Republican candidate Curtis Sliwa, has a tough fight on his hands. Since the end of WWII there has only been one mayor of NYC from that end of the political spectrum – Rudy Giuliani 1994 to 2001 (for the pedants Michael Bloomberg and John Lindsay – who? - do not count).

Perhaps anticipating it will be a difficult battle, Curtis, founder of the Guardian Angels, has now joined the crypto revolution tweeting:

“As NYC #Mayor, I will make #NYC the most cryptocurrency-friendly city in the nation.

Property taxes, fines & fees will be payable in #crypto.

We will open more crypto ATMs & incentivize businesses to accept crypto”.

This comment might be a bit more convincing if Curtis was accepting campaign donations in anything other than USD, but let’s not quibble too much over the finer details.

…

I am somewhat surprised that the mayoral candidates of NYC believe that cryptos are as pressing an issue as they seem to be making out. Crime, crumbling infrastructure, overbearing municipal debts and a shrinking tax base would be my primary concerns.

But hey, what do I know about running the world’s most amazing city?

…

This politicisation of the crypto industry is frankly great news.

Whichever candidate wins, there will be pressure on them to keep to their campaign promises.

If this is repeated nationwide – and crypto commitments become a staple of the US political process – huge and rapid strides in the liberalisation and regulation of cryptos is inevitable.