Tokenized Stocks Will Bring 'Radical Change' to Markets, Cuomo Says

Tokenized Stocks Will Bring 'Radical Change' to Markets, Cuomo Says

Former New York Governor Andrew Cuomo said in an interview with The Wall Street Journal published October 10 that tokenizing U.S. stocks would bring "radical change" to financial markets. If American securities could trade globally, 24 hours a day and seven days a week, it would mark a genuine turning point — and could pull billions of dollars into the U.S. economy.

A Four-Month-Old Joint Venture Is Already Filing With the SEC

Cuomo became co-chair of OKXICE in June. The company is a 50-50 joint venture between Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, and global crypto exchange OKX. Cuomo said OKXICE recently filed notice with the Securities and Exchange Commission to operate a tokenized-stock trading venue under the agency's "innovation exemption" framework. Three months ago, he said, the idea of tokenizing U.S. securities sounded like a slogan; now his venture is among the first to formally file.

More Than 60 Stocks at Launch, No Waiting for the Opening Bell

According to the October 5 filing, the platform will debut with more than 60 U.S.-listed companies, freeing investors from the 9:30 a.m. Eastern opening bell. Tokenized stocks are blockchain-based versions of ordinary shares that can trade outside market hours and settle far faster than traditional stock trades. The rules require them to carry identical shareholder rights — dividends and voting included.

Some Companies Say No. Cuomo: Change Always Brings Disruption

Not every listed company welcomes having its shares tokenized. Cuomo's answer was blunt: "Make no mistake. You're talking about radical change to the traditional finance system, and change always brings disruption." Under tokenization, some functions of the traditional market simply disappear, so issuers will ask questions, show caution, and push back. The SEC built in a buffer: companies get a 30-day window to object to their stock being tokenized, and the venue launches with limits on the number of stocks and trading volume.

Settlement Shrinks From Days to Seconds, Freeing Idle Trillions

The core pitch is efficiency. A stock trade today moves through a broker, an exchange, and a clearinghouse, each with its own ledger that must be reconciled before settlement — a process that can take hours or days, leaving vast sums of money idled in the plumbing. A blockchain system could collapse those steps into near-instant onchain settlement. Cuomo likened the shift to the digitization of stock trading in the early 2000s, or the arrival of automated mortgage underwriting.

Citi Sees $5.5 Trillion in Tokenized Assets by 2030

Citi researchers projected in June that the global tokenized-asset market will reach $5.5 trillion by 2030, up from about $17 billion today. Stocks are only the start: bonds, funds, private equity, even real estate are all slated to go onchain. The NYSE, Nasdaq, and the London Stock Exchange are each preparing round-the-clock trading of their own. The race to build a Wall Street that never sleeps has just begun.