Former New York governor — and current New York City mayoral candidate — Andrew Cuomo is sounding the alarm: Congress needs to act now on crypto regulation or risk ceding momentum on a technology that could materially cut costs for everyday families.
In an exclusive interview with Fox News Digital, Cuomo, who was recently named co-chair of a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, laid out his case for a faster regulatory response and broader adoption of blockchain-based financial infrastructure.
Why Cuomo thinks blockchain matters
- Lower costs and fewer intermediaries: Cuomo argued that blockchain-based wallets and tokenized instruments can reduce or eliminate many traditional banking fees and delay-prone processes. “You have an account, you can pay bills, you can transfer money…and you don't have to deal with the traditional banking establishment,” he said, highlighting faster payments, near-zero transaction fees and 24/7 global trading as practical consumer benefits.
- Financial inclusion: He emphasized the potential to reach billions without access to traditional banking through smartphone-based wallets and tokenized payment rails.
- Market evolution, not hype: Cuomo framed crypto’s controversy as a distraction from the underlying blockchain utility. He compared the sector’s regulatory turning points to historical financial reforms that followed market crises, arguing that early crypto turmoil makes a case for clearer rules, not suppression.
Regulation: pass the CLARITY Act, Cuomo urges
Cuomo urged Congress to approve the CLARITY Act — legislation he says would provide the “rules of the road” needed to move the industry forward. “You can't claim an industry is the Wild West when there's no sheriff,” he said. “You don't have more time…This should have been done a decade ago.” His message: regulation is overdue as businesses and consumers already transact in crypto markets.
Building a regulated digital market
As co-chair of the ICE–OKX venture, Cuomo described the initiative’s goal as combining Wall Street’s compliance framework with crypto’s always-on technology to tokenize mainstream equities and futures. He portrayed the partnership as a way to marry NYSE stability with blockchain innovation and help keep the U.S. competitive globally.
Pushback from legacy finance
Cuomo acknowledged resistance from traditional finance leaders, including concerns that broad crypto regulation could upend existing business models. He argued disruption is inevitable and that incumbents must evolve or risk obsolescence.
What this means for the industry
If lawmakers move quickly and frameworks like the CLARITY Act pass, the U.S. could accelerate regulated tokenization, broader retail access through on-chain wallets, and continuous markets — all of which would reshape settlement, custody, and payment flows. Cuomo’s role with ICE–OKX signals a push to institutionalize those changes within mainstream market infrastructure rather than leave them to unregulated venues.
Industry leaders from exchanges to policy groups are already engaged in the debate over the CLARITY Act and other proposals, making regulation one of the defining near-term battlegrounds for crypto’s next chapter.
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