Andrew Yang, New York, Eric Adams discussed on The Breakdown with NLW
New York has also obviously been one of the more aggressive states in terms of enforcement actions. The New York attorney general had a settlement earlier in the year with tether and just last month ordered Celsius and nexo to shut down while investigating three other firms. Now law enforcement isn't necessarily a bad thing, but frankly, all of this adds up to New York, the center of the traditional finance world, not being particularly hospitable for this new area of finance. It is understandable then that when the New York mayoral race started, many in crypto were excited about the possibilities, in particular, the possibilities for an Andrew Yang victory. Andrew Yang has long been an outspoken proponent of Bitcoin, including during his presidential run. In February, he tweeted, as mayor of New York City, the world's financial capital, I would invest in making the city a hub for Bitcoin and other cryptocurrencies. Now it pretty quickly became clear that this race wasn't Yang's to win. He simply couldn't get support and his subsequently gone on to found a new third party called forward. For what it's worth, crypto and crypto adoption is a major pillar and platform of the forward party. However, as so often happens in politics, some of the better ideas of the vanquished get adopted into the victors platform. And while the cynical take is that that's just to consolidate followers, the more optimistic slant is that sometimes even politicians recognize that other people have good ideas, and they want to make them their own. In either case, in June, then front running candidate for the democratic nomination and former cop Eric Adams mentioned Bitcoin as well. On the eve of the democratic primary, he said I'm going to promise you in one year, you're going to see a different city. We're going to become the center of life science, the center of cybersecurity. The center of self-driving cars, drones, the center of bitcoins. So what was driving that? Well, on the one hand, you have to think, of course, there was a goal to unite the party, including extending an invitation to the Yankees, right? This is a classic political move. There were also a couple notable crypto donors on Adam's roster, including Brock pierce. What's more from a campaign perspective, Adams had been running on a promise to not only fight crime but to promote economic prosperity. Coincidence columnist David Morris wrote about this a few weeks later. In short, Adam seems to be more focused on well paying jobs in a vital economy than on changes to the status quo of financial regulation. In many ways, this is hugely bullish for the sector, a sign that crypto is stealing some limelight from Silicon Valley as acidic Doc for innovation and growth. And New Yorkers were eager for that message thanks to an unemployment rate of 10.9% in May, far above the national rate of 5.9%. That's probably thanks above all to the loss of tourism, which is a huge driver of the New York economy during the coronavirus pandemic. It's also a meaningful signal locally given the 2019 progressive backlash against plans to build an Amazon headquarters in the borough of queens, which had its justifications, but was seen by some as anti jobs. Atoms is more of a centrist than those anti Amazon activists, and is aimed mostly at appealing to blue collar New Yorkers. Much of his platform focuses on small business, but the nod to tech is part of that larger promise of more and better jobs. Anyone who listens to this show regularly will know my thoughts on Bitcoin and economic prosperity. And so I was thrilled when on July 6th Eric Adams was officially named the New York mayor candidate for the Democrats, which effectively mean that he was named New York mayor. However, that wasn't it for mayoral candidates in New York City talking about crypto..