New York Mayor Joran Mamdani denied owning cryptocurrency and made clear he has no plans to invest in the 'NYC token' recently launched by former mayor Eric Adams.

On Jan. 13, blockchain outlet Cointelegraph reported that Mamdani, less than 2 weeks into his term, answered "I do not own cryptocurrency" when asked at a news conference about personal crypto investments. He also said he had no plans to invest in the 'NYC token' unveiled this week by the former mayor, stressing the project is unrelated to the policy direction of the city administration.

The 'NYC token' is the first major project Adams has unveiled since leaving office. It set out a goal of using funds raised through token sales for education programs and other social purposes. Adams showed a crypto-friendly stance during his term and repeatedly stressed a vision of making New York City a global crypto hub.

The token has been mired in controversy since its launch. A sudden withdrawal of liquidity sparked suspicions of a so-called rug pull. Some unverified reports also claimed the project team intentionally removed liquidity, causing investors losses of millions of dollars. Nansen research analyst Nikolai Sondergaard assessed the case as an act of liquidity withdrawal that could fall into the category of a rug pull.

Mamdani was elected with 50.8 percent of the vote after making rising housing and living costs a central issue during the campaign. He has not been a figure who has publicly maintained hardline criticism of the broader crypto industry, but he has held a stance that prioritises consumer protection and tighter regulation. As New York governor in 2023, he backed legislation to strengthen consumer protection requirements for stablecoin issuers.

The policy line has also prompted concern in the crypto industry. Gemini co-founder Tyler Winklevoss criticised Mamdani's regulation-focused approach, saying it could weaken New York's innovative competitiveness. David Sacks, former U.S. President Donald Trump's AI and crypto policy chief, also publicly voiced opposition.

Soon after taking office, Mamdani presented a policy agenda built around the core values of safe, affordable and prosperous, signalling city governance in a different direction from the previous administration. He has stressed that the city will focus policy capacity on stabilising residents' daily lives and improving public services rather than using cryptocurrency at the city government level.

By contrast, Adams, while in office in 2022, pledged to take his first 3 paychecks in bitcoin, sending a strong pro-crypto message. He later said he had "no regrets" about the decision despite market volatility and continued to argue for a plan to make New York a global cryptocurrency centre.

Mamdani's comments are interpreted as drawing a line against the pro-crypto stance of the previous administration while also seeking to distance himself from the recent 'NYC token' controversy. Market attention is focused on whether New York City's crypto-related policy will be reshaped around regulation and consumer protection or seek a compromise with the industry.