Today in crypto, Former New York governor Andrew Cuomo has made crypto and AI one of his headline pitches in his bid to win the NYC mayoral race. Trump confirms meeting with China’s President Xi Jinping, and Japan’s Financial Services Agency is weighing reforms that could let banks hold cryptocurrencies like Bitcoin.
Andrew Cuomo pitches crypto-fueled comeback in NYC mayoral bid
Former New York governor Andrew Cuomo is reportedly betting big on crypto and AI as part of his bid to return as the city’s next mayor.
The New York City mayoral candidate plans to make NYC “the global hub of the future” by coordinating initiatives across the blockchain, AI and biotech industries and modernizing how the city integrates new technology, the co-host of Crypto in America, Eleanor Terrett, said on Saturday.
Part of this will also involve creating a new chief innovation officer position aimed at attracting more investments and jobs to boost innovation, she said.
An Innovation Council with three advisory committees for crypto, AI and biotech would be formed to “advise on adoption, workforce development, and cutting red tape for these emerging industries,” Terrett added, citing unnamed sources familiar with the matter.
Trump confirms meeting with China’s president, causing crypto to surge
United States President Donald Trump confirmed on Sunday that he will meet with China’s President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, South Korea, on October 31, backtracking on his previous comments that there was “no reason” to attend the meeting.
“We're going to meet in a couple of weeks. We're going to meet in South Korea, with president Xi and other people, too,” Trump told Fox News’ Maria Bartiromo. He added:
“[Xi Jinping] is a very strong leader, a very amazing man. You can look at what he's done, where he is in his life. It is an amazing story. It's a story for a great movie. I think we're gonna be fine with China, but we have to have a fair deal. It's going to be fair.”
Crypto markets reacted positively to the news, as any development that eases geopolitical and trade tensions tends to boost assets perceived as riskier by investors.
Japan’s FSA weighs allowing banks to hold Bitcoin, other cryptos
Japan’s Financial Services Agency (FSA) is reportedly preparing to review regulations that could allow banks to acquire and hold cryptocurrencies such as Bitcoin for investment purposes.
The move would mark a major policy shift, as current supervisory guidelines, revised in 2020, effectively ban banks from holding crypto due to volatility risks, according to a Sunday report from Livedoor News.
Per the report, the FSA plans to discuss the reform at an upcoming meeting of the Financial Services Council, an advisory body to the Prime Minister. The initiative aims to align crypto asset management with traditional financial products like stocks and government bonds.
Regulators are expected to explore a framework for managing crypto-related risks, such as sharp price swings that could impact a bank’s financial health. If approved, the FSA will likely impose capital and risk-management requirements before permitting banks to hold digital assets.