on November 5th, according to the Associated Press, 34-year-old Zohran Mamdani defeated former New York State Governor Andrew Cuomo and Republican Curtis Sliwa in the election to become the 111th mayor of New York City, becoming the first Muslim and South Asian to hold this position in over a century. Some of Mamdani's main campaign promises include: free city bus fares, freezing rent prices, providing universal childcare services, raising the minimum wage by 2030, and taxing large corporations and the wealthiest 1% of New Yorkers to lower the cost of living. Critics claim that his policies will bring disastrous consequences to the city's businesses. Industry figures in the crypto sector such as Gemini co-founder Tyler Winklevoss and White House AI and crypto czar David Sacks opposed Mamdani in the New York City mayoral election, openly supporting former New York State Governor Andrew Cuomo. Although Mamdani rarely comments publicly on cryptocurrencies, the industry is now closely watching how the policies of this socialist mayor will affect digital assets.