From New York Post · · 1m 30s
Andrew Cuomo Backs Crypto Stock Exchange Amid Company Pushback
Andrew Cuomo faces backlash as he promotes a Chinese-led crypto stock exchange for tokenized trading.
In brief
Andrew Cuomo faces backlash as he promotes a Chinese-led crypto stock exchange for tokenized trading. Andrew Cuomo's push for tokenized stock exchanges faces opposition from major companies concerned about regulatory risks and 24/7 trading. Originally reported by New York Post.
Andrew Cuomo's Crypto Push
Former New York Governor Andrew Cuomo has backed tokenized stock exchanges, a crypto-based trading model that has drawn criticism from major companies.
OKXICE Joint Venture
Cuomo co-chairs OKXICE, a 50-50 joint venture between China-founded crypto exchange OKX and the Intercontinental Exchange, which owns the New York Stock Exchange.
Company Opposition
Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon, Applied Optoelectronics, Broadcom, and UnitedHealth have objected to being included on OKXICE.
Cuomo's Financial Activity
After resigning as governor in 2021, Cuomo earned nearly $5 million in 2024 as a consultant and bought a $9.6 million Hamptons estate last month.
Tokenized Trading Model
Tokenized shares link a digital token to traditional stocks, allowing 24/7 trading but raising concerns about pricing disparities and regulatory oversight.
Regulatory Concerns
The SEC model allows a limited number of companies to participate, but tokenized exchanges face uncertainty about insider trading and market manipulation risks.
Cuomo's Optimism
Cuomo predicts tokenized exchanges will become the future of finance within five years, enabling AI-driven financial transactions and 24/7 trading.
Company Pushback
Despite rejections from nine major companies, OKXICE remains optimistic about tokenizing shares of Nvidia, Tesla, Apple, Microsoft, Coinbase, and Robinhood.
The bottom line
Andrew Cuomo's push for tokenized stock exchanges faces opposition from major companies concerned about regulatory risks and 24/7 trading.
