Former NY Gov. Andrew Cuomo, now co-chair of an OKX-ICE venture, says the CLARITY Act is urgent for tokenized equities and consumer savings. ICE Alpha Score 36.
Andrew Cuomo says Congress has already missed its window to set blockchain rules, and families are paying the price in bank fees. The former New York governor, now co-chair of a joint venture between OKX and NYSE parent ICE, warned Tuesday that regulatory gridlock leaves consumers stuck with costly intermediaries while the technology is already live.
“This provides basic financial services, you have an account, you can pay bills, you can transfer money. And you don't have to deal with the traditional banking establishment, minimum requirements, overbalance of fees, etcetera,” Cuomo told Fox News Digital. “There are benefits across the board.”
The venture aims to tokenize mainstream equities and futures on the NYSE, merging Wall Street’s compliance framework with crypto’s 24/7 trading. Cuomo said the goal is to make blockchain the backbone of capital markets without waiting for Washington.
“The SEC, obviously, is going to have to change with the times, the blockchain will be so much more time efficient and cost-efficient. You don't need the intermediaries. Literally, you could trade directly, and it can be a 24/7 market, and it can be a global market,” he added.
He pointed to average middle-class families who face ATM fees and slow transaction times. Expanding blockchain access through smartphones could reach the unbanked and underserved, Cuomo argued. “There are literally billions of people globally who have no access to any financial service.”
The CLARITY Act push
To unlock that potential, Cuomo is urging Congress to pass the CLARITY Act, which he says would set clear rules. “You can't claim an industry is the Wild West when there's no sheriff. That's why it's the Wild West, because there's no sheriff and there are no laws,” he said. “You don't have more time. The situation is already manifested. Businesses are operating. People are transacting business. This should have been done a decade ago.”
The comment directly rebuts criticism from traditional finance leaders, including JPMorgan Chase CEO Jamie Dimon, who claimed the Act fails to meet federal banking standards. Cuomo dismissed that as pushback from incumbents threatened by disruption.
“Now, I think a lot of the traditional finance guys were saying, ‘Well, hold on, this can dramatically change the industry. We need to understand all the consequences for the existing industry, so let's take time because this may upend my business,’” Cuomo said. “You're not putting the blockchain back in the box. It's out there. It is happening.”
ICE, the parent company of the NYSE, carries an Alpha Score of 36 out of 100, labeled Mixed, suggesting the market views its blockchain exposure with caution. JPMorgan Chase, with an Alpha Score of 55 (Moderate), saw its stock rise 0.81% to $334.18 Tuesday. Cuomo said the venture “brings the two giants together … the evolution and now the collaboration and the partnership.”
Congress has no scheduled vote on the CLARITY Act. Cuomo says the clock is not a luxury.
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