Former New York Governor Cuomo to Co-Chair New ICE-OKX Venture

The companies said on 22 Jun they had formed a 50-50 joint venture that plans to build infrastructure for tokenized and crypto products. Tokenized products are digital versions of TradFi products, such as stocks, that trade on blockchain networks. 

The venture, which follows ICE's investment in OKX announced in March that reportedly valued the crypto exchange at about $25bn, hopes to operate as a US-registered broker-dealer and futures commission merchant (FCM). The companies said in a press release that this structure would allow OKX customers in the US and overseas to access ICE futures markets and tokenized equities tied to stocks listed on the New York Stock Exchange (NYSE).

Cuomo, who served as New York's governor from 2011 to 2021, has worked with OKX since 2022 and advised the company during a federal investigation that ended in a guilty plea and more than $504mn in penalties in February 2025. Federal prosecutors said OKX operated an unlicensed money-transmitting business and violated US anti-money laundering laws.

The move marks the latest example of crypto's growing ties to politics as digital asset firms seek influence in Washington and expand into TradFi markets.

Sandmark reached out to both OKX and ICE for comments about the venture but had not received a response by publication time.

Crypto and politics

Cuomo's appointment comes as ties between the crypto industry and politics continue to deepen, with crypto-backed groups and PACs spending hundreds of millions on elections and lobbying efforts.

President Donald Trump, who once dismissed crypto, is perhaps the biggest example of the convergence between politics and crypto. He embraced the sector during his second term and backed policies aimed at making the US a global hub for digital assets. 

His family's crypto ventures, including World Liberty Financial and the TRUMP and MELANIA memecoins, have also generated billions of dollars, according to several publications and reports. 

Several US senators, many of whom have pushed for favourable crypto regulations in the US, have also disclosed major crypto holdings. Meanwhile, a 2025 Washington Post investigation found that over one in five Trump high-level appointees held significant cryptocurrency investments.

All of this comes against a backdrop of changing crypto regulation in the United States. After years of regulatory uncertainty and enforcement actions, the industry is pushing for clearer rules via bills like the CLARITY Act. 

Cuomo's stance

The co-chair role follows Cuomo's unsuccessful run for New York City mayor. During the campaign, he spoke positively about crypto and blockchain technology and said New York should become a central hub for digital finance. However, his stance wasn't always as crypto-friendly. As governor, Cuomo's administration took a cautious approach to crypto.

Cuomo will share this new role with Trabue Bland, ICE's senior vice president of futures exchanges. Bland oversees the company's commodity, financial and crypto futures markets.

The Push for Tokenized Assets

The partnership comes as competition grows to bring TradFi assets onto blockchain networks, with several major crypto firms expanding into the sector in recent months. 

Coinbase recently announced plans to launch tokenized stocks backed one-for-one by underlying shares, while Kraken has already launched tokenized equity products. Firms like Robinhood and Gemini have also unveiled their own tokenization initiatives.

The tokenized real-world asset (RWA) sector is worth about $32.2bn, according to RWA.xyz. The market has grown rapidly over the past year, increasing from $11.6bn in June 2025.