New NYC Mayor Mamdani says he holds no crypto, will not buy Adams’ memecoin

New York City Mayor Zohran Mamdani said Monday that he does not own cryptocurrency and has no plans to invest in digital assets, distancing himself from crypto-related initiatives promoted by his predecessor.

Speaking to the press at Samson Stages, Mamdani responded “no” when asked whether he held any cryptocurrency, adding that he also had no interest in buying the NYC Token launched earlier this week by former mayor Eric Adams.

New York City Mayor Zohran Mamdani addressing the press on Monday. Source: DRM News

Adams launched a new memecoin, the NYC Token, on Monday in his first major public move since leaving office. He said proceeds from the token would support education initiatives and other social causes. However, the token faced “rug pull” allegations after unverified reports that the team intentionally removed liquidity, causing investors to lose millions of dollars. The details were not publicly known at the time of Mamdani’s remarks.

“Based on the behavior of removing liquidity, it does seem to fit the umbrella term that is ‘rug pulls,’” said Nansen research analyst Nicolai Sondergaard on Adams’ project, adding:

“What they did effectively trapped traders, forcing many to sell at a loss in a lower liquidity environment, and adding liquidity back in does not undo the damage done.”

Mamdani, who campaigned on an affordability message for New York residents, was largely silent on crypto policies ahead of the November election, which he won with 50.8% of the vote. As a member of the New York City Assembly in 2023, he supported a bill to provide stronger consumer protections related to stablecoin issuers.

Related: Is Zohran Mamdani really that bad for New York’s crypto industry?

He faced opposition from many in the crypto industry, including Gemini co-founder Tyler Winklevoss and David Sacks, US President Donald Trump’s AI and crypto czar.

What will happen to crypto in NYC under Mamdani?

Less than two weeks into office, Mamdani used his first address as mayor to say the local government will “deliver an agenda of safety, affordability, and abundance,” and would pursue policies he described as “walking a different path” from previous administrations.

In contrast, before leaving office and amid growing support for Mamdani, Adams said he would advocate for policies and laws favoring the crypto industry. The former mayor is known for accepting his first three paychecks as mayor in Bitcoin (BTC) in 2022 — a campaign promise he later said he didn’t regret.

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