ICE, OKX form digital assets venture with Andrew Cuomo as co-chair

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ICE, OKX digital assets venture

Highlights

Intercontinental Exchange and OKX formed a joint venture, appointing Andrew Cuomo as co-chair, to advance tokenised assets and seek regulatory licences for futures and broker-dealer operations.
OKX, which paid over $500 million in penalties after pleading guilty to unlicensed U.S. operations in 2025, was valued at $25 billion after a recent ICE investment.
Crypto industry garners increased political and exchange participation as lobby groups amass nearly $200 million and traditional exchange operators including ICE, Nasdaq, and CME expand into blockchain-driven products.

Joint venture targets regulated crypto expansion

As first reported by Financial Times, former New York governor Andrew Cuomo is taking a leadership role in the new partnership between Intercontinental Exchange, the parent of the New York Stock Exchange, and crypto exchange OKX. The companies say Cuomo will serve as co-chair of the venture as it seeks to advance tokenised assets, institutional-grade digital asset derivatives and 24/7 trading infrastructure.

Cuomo says the venture will move immediately to seek regulatory licences to operate as a futures commission merchant and broker-dealer. He also says the OKX partnership is the only financial technology effort he is involved with for now.

The move comes after OKX agreed in 2025 to pay more than $500 million in penalties after pleading guilty to operating without a licence in the U.S. More recently, the exchange has started expanding in the U.S. and was valued at $25 billion after an investment by ICE earlier this year.

Crypto gains political and exchange industry backing

Cuomo's shift toward the sector reflects broader momentum behind digital assets during Donald Trump's second term as U.S. president. Politicians from both major parties are increasingly engaging with the industry, while crypto lobby groups have built nearly a $200 million war chest to support candidates backing the sector in the upcoming midterm elections.

U.S. senators are also negotiating a market structure bill for digital assets, although the effort has faced resistance from banks. Cuomo says federal action is still lagging and argues the technology is already established, making adaptation and innovation necessary.

Traditional exchange operators including ICE, Nasdaq and CME are racing to add blockchain technology and digital asset offerings as crypto platforms expand into products such as futures and equities. Cuomo, who left the New York governor's office in 2021 after sexual harassment allegations he denies, says he knows OKX well and believes the venture can also serve a broader public purpose.

Our earlier article on the Bank of England’s revised sterling stablecoin framework explained how UK regulators are easing some proposed safeguards while still trying to contain systemic risks. We noted that the BoE dropped planned per-user holding limits in favor of a temporary £40 billion issuance cap for systemic issuers and lowered required non-interest-bearing central bank reserves, with the rules set to be finalized for 2025 market entry.

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