Andrew Yang, the Democratic Party's favorite in the race to be the next mayor of New York, said he would make New York City "a hub for BTC and other cryptocurrencies", calling the city "the financial capital of the world".
According to a recent poll, Yang is currently leading the Democratic camp in popularity and name recognition among voters. In sharp contrast to most of his political colleagues, the candidate has stated his support for Bitcoin several times in the two years he has been on the radar of mainstream media. His sincere beliefs earned him the title of “Best President for Bitcoin” within the cryptocurrency community.
New York has a tumultuous relationship with Bitcoin. The introduction of BitLicense in 2015 was a disaster that stifled fintech innovation by imposing restrictions on the use of cryptocurrencies. In 2020, however, greater regulatory clarity began to emerge under Bitlicense, allowing corporate giants like PayPal, Gemini and Coinbase to move closer to Wall Street.
In 2019, during the run-up to his presidential race, Yang argued that the congress lacks the basic knowledge necessary to enact effective cryptocurrency legislation and that countries that are ahead of the U.S. in regulation will eventually dictate the rules.