Andrew Cuomo champions crypto-linked NYSE joint venture amid corporate opposition
Andrew Cuomo, co-chair of the OKXICE partnership, is promoting a tokenized stock exchange while dozens of major firms have refused to be listed.
Former New York governor Andrew Cuomo was named co-chair of OKXICE, a joint venture equally owned by China’s crypto exchange OKX and Intercontinental Exchange, the operator of the New York Stock Exchange. Cuomo argues that a tokenized exchange, which ties blockchain tokens to conventional equities and enables round-the-clock trading, could inject billions into the U.S. economy. However, at least nine prominent companies—including Cerebras Systems, AppLovin, Rocket Lab, CoreWeave, Verizon, Applied Optoelectronics, Broadcom and UnitedHealth—have filed objections to being listed, warning that continuous trading may bypass existing market safeguards.
Critics note potential price-discovery issues and wider spreads, while regulators have yet to determine whether tokenized platforms will be subject to the same oversight as traditional exchanges. OKXICE says it will use internal surveillance and third-party checks, and users must pass identity and AML verification. Despite the resistance, the venture has identified more than 60 additional firms it hopes to tokenize, and Cuomo envisions a broader fintech platform integrating AI, payments and trading within five years.
Why it matters
Crypto-linked stock trading could alter market regulation and impact how major companies’ shares are bought and sold.
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