Kirsten Gillibrand

Oct. 24 (UPI) — U.S. House Democratic Party leader Hakeem Jeffries on Friday endorsed Democratic Socialist Zohran Mamdani for New York City mayor, 11 days before the Nov. 4 election.

Jeffries hasn’t issued a public statement but his endorsement was confirmed in a statement to The New York Times, with sources telling USA Today and Politico about the House minority leader’s plans.

Early voting begins Saturday.

Mamdani, who was born in India and raised in Uganda, is attempting to become the city’s first Muslim mayor.

Jeffries, who serves Brooklyn in New York, had held off endorsing Mamdani, who is a state assembly member serving Queens since 2020.

The state’s two U.S. senators, Kirsten Gillibrand and Chuck Schumer, the minority leader, haven’t endorsed Mamdani.

Mamdani has been endorsed by New York Gov. Kathy Hochul and Attorney General Letita James.

Also, he has been backed by New York Reps. Jerry Nadler, Adriano Espaillat and Yvette Clarke. Two other House members, Ritchie Torres and Dan Goldman, have said they don’t plan to endorse in the election.

And New York Democratic Party Chairman Jay Jacobs said he doesn’t plan to endorse him.

In the June 24 primary, Mamdani, 34, defeated former New York Gov. Andrew Cuomo, 67, and Mayor Eric Adams, 65. His opponents then chose to run as independents, but Adams dropped out on Sept. 28 and endorsed Cuomo on Thursday.

Mamdani is favored to defeat Cuomo and Republican Curtis Sliwa, 71, a Guardian Angels founder and radio show host. President Donald Trump has pressured Sliwa to drop out to give a better chance for Cuomo over Mamdani, whom he has labeled as a Communist.

Jeffries told The New York Times said they have had “areas of principled disagreement,” including Israel’s war in Gaza, but agreed on other matters, such as the desire to retain New York Police Department Commissioner Jessica Tisch.

“Zohran Mamdani has relentlessly focused on addressing the affordability crisis and explicitly committed to being a mayor for all New Yorkers, including those who do not support his candidacy,” Jeffries wrote.

“In that spirit, I support him and the entire citywide Democratic ticket in the general election.”

Jeffries first met with Mamdani in July in Brooklyn before the primary. They met again in August.

Jeffries had said he was focused on the federal government shutdown rather than the New York City race.

“Stay tuned,” he told reporters this week in Washington. “I have not refused to endorse. I have refused to articulate my position, and I will momentarily, at some point, in advance of early voting.”

Jeffries has questioned how Mamdani would implement his policies and combat antisemitism and gentrification.

“We’ve got to figure out moving forward how we turn proposals into actual plans so that he is successful if he becomes the next mayor, because we need the city to be successful,” Jeffries told CNN last month.

Jeffries noted that his district, which includes historically Black communities, has “been subjected to gentrification and housing displacement.”

Mamdani has sharply criticized Israel and the war in Gaza, which Mamdani describes as genocide.

During Wednesday’s debate, he said: “I look forward to being a mayor for every single person that calls the city home. All 8.5 million New Yorkers, and that includes Jewish New Yorkers who may have concerns or opposition to the positions that I’ve shared about Israel and Palestine.”

Hundreds of rabbis had signed a letter criticizing him.

And powerful real estate and finance industries have donated millions of dollars to political action committees opposing his candidacy.

June 11 (UPI) — The U.S. Senate overwhelmingly advanced legislation for a regulatory method for payment with stablecoins.

The cloture, which ended debate, was approved 68-30, including 18 Democrats. It clears the way for final approval for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS. Two Republicans, Rand Paul of Kentucky and Josh Hawley of Missouri, voted no.

A stablecoin, which supporters say is a type of cryptocurrency designed to maintain a stable value, is typically pegged to another asset such as a currency such as a U.S. dollar or a commodity, including gold. Other digital cryptocurrencies, including Bitcoin, can experience significant price fluctuations and are not part of the Senate legislation.

For passage in the Senate, there needs to be at least 60 votes. On Tuesday, two House committees easily approved a bill that establishes a regulatory framework for digital assets, not just stablecoin, called the CLARITY Act.

“We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” said Senate Majority Leader John Thune of South Dakota, adding there was “more work to be done” for Congress in regard to digital assets, referring to the House’s bill.

The bill would require stablecoins to be fully backed by U.S. dollars or similar liquid assets, mandate annual audits for issuers with more than $50 billion in market capitalization and add language around foreign issuance.

The cloture ended an open amendments process. Democrats had sought to add a provision that would prevent President Donald Trump and other elected officials from profiting off stablecoins.

“Let me be clear, this did not happen by accident,” Senate Banking Committee Chair Tim Scott, R-S.C., said on the Senate floor before the vote. “It happened because we led. To those who said Washington could not act, to those who said Washington could not act, to those who doubted bipartisanship — let’s prove them wrong.”

Senate Minority Leader Chuck Schumer of New York voted against the bill along with other prominent Democrats.

“The GENIUS act attempts to set up some guardrails for buying and selling a type of cryptocurrency, one type called a stablecoin,” Sen. Jeff Merkley, D-Ore., said on the Senate floor before his no vote.

“Well, we need guardrails that ensure that government officials aren’t openly asking people to buy their coins in order to increase their personal profit or their family’s profit,” he added. “Where are those guardrails in this bill? They’re completely, totally absent.”

Some Democrats were concerned about foreign issuers, anti-money laundering standards, potential corporate issuance of stablecoins and Trump’s deepening ties to crypto ventures.

Trump and his wife, Melania, launched meme coins days before his inauguration on Jan. 20. His affiliated venture, World Liberty Financial, recently launched its stablecoin. Trump Media is planning to build a multi-billion dollar Bitcoin treasury. And American Bitcoin,a mining firm backed by his sons, Eric Trump and Donald Trump Jr., is planning to go public via a Gryphon merger.

“It’s extremely unhelpful that we have a president who’s involved in this industry, and I would love to ban this activity, but that does not diminish the excellent work of this legislation,” Sen. Kirsten Gillibrand, D-N.Y., who approved the measure, said.

“It does not diminish the hard work that bipartisan group of senators put into this to make a difference and to write a law that can protect consumers, that can protect our financial services industry, that can protect the strength of the dollar, and that can protect people who would like access to capital.”

Massachusetts Sen. Elizabeth Warren, who voted against cloture, said: “Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires and from large corporations. By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion.”