Andrew Cuomo's recent involvement in cryptocurrency is viewed as a last-ditch effort to regain political relevance, but analysts believe his influence in the crypto space is limited. Despite a potential push for regulatory changes, skepticism remains about his capacity to sway industry dynamics or voter sentiment in his favor.

TD Cowen highlights that attempts to link the stablecoin bill to Donald Trump and Elon Musk are creating significant political obstacles, despite bipartisan support. Key issues such as federal versus state oversight and the treatment of offshore stablecoins remain unresolved, potentially delaying the bill's enactment.