According to Fox News, billionaire former Mayor Michael Bloomberg has officially endorsed Andrew Cuomo in the high-profile New York City Democratic primary showdown (source: Fox News, June 11, 2025). Bloomberg’s public support is significant as both figures have previously influenced New York’s stance on cryptocurrency regulation. Bloomberg’s backing may signal a continuation of strict regulatory approaches in New York, a state known for its BitLicense policy, which historically affected trading volumes and crypto company operations. Traders should monitor how this political alliance may influence future crypto regulation and local sentiment, as shifts in New York’s political landscape often impact broader U.S. crypto market trends.