00:00Former New York Governor Andrew Cuomo starting a second act. He's helping cryptocurrency exchange operator OKEx as well as the
00:06owner of the New York Stock Exchange build a new business merging digital and traditional finance markets. Part of the
00:12plan would be to allow overseas users to trade tokenized U.S. equities. Cuomo said it's going to be a
00:18very, very powerful combination. It's ICE and the New York Stock Exchange recognizing that this technology is coming. Bloomberg's Catherine
00:25Doherty is covering the story and she joins us now. Does Andrew Cuomo have any
00:29prior relationship or history with cryptocurrency in the crypto industry. Yes. So interestingly enough he's been working with OKEx this
00:37company that is partnering now with the New York Stock Exchange since 2023. So this is not a new venture
00:45or company for him. This is a relationship that he has had.
00:48He's advised them on policy efforts some investigations that the company has had with U.S. prosecutors and he's really
00:57opening doors for both OKEx and now in their this joint venture with the New York Stock Exchange.
01:04He's going to be helping them establish relationships answer questions when it comes to regulation and policy as both of
01:13these companies move forward with their business venture.
01:15What's the product that they're building here. So this is really twofold. You have OKEx that is looking to access
01:22and go into a new jurisdiction in the U.S.
01:27So they're looking to establish a regulated venture. And for the New York Stock Exchange they're establishing their own path
01:38in terms of tokenization tokenizing stocks.
01:41And they're both using the technology that OKEx is helping advise and build alongside the New York Stock Exchange. And
01:50then they're also going to be accessing all of these OKEx customers
01:54that are now overseas looking to bring them onshore through a regulated venue. The intercontinental exchange part of this is
02:01really fascinating to me.
02:02This is a company that owns the New York Stock Exchange. It's based in Atlanta. Jeff Sprecher is somebody who
02:07you've spoken to quite a bit cat. It's got a market cap of seventy five billion dollars.
02:13He told he told you you were there like he was the upstart. You know that's right. 30 years ago.
02:19Now he's mainstream. Now he's mainstream. He's working with these upstarts.
02:22Is he trying? Is ICE trying to just prove like are they scared about what's coming? I do think in
02:29some ways this is this is a defensive move. When you have companies like ICE,
02:33CME, you're going to see these huge exchange operators look for the newcomers and also look at the new technology
02:41that might upset or disrupt some of the business that they have been incumbents.
02:46They have been the established large players. So they're looking forward. They're looking at a company like OKEx. ICE also
02:54partnered with Polymarket.
02:56They're seeing prediction markets as another incoming stream of both new customers that they see and for their own customers.
03:05You think the large institutions, the finance firms that might be looking at a polymarket and the data that they
03:12are providing as a new stream of information.
03:15So it goes both ways.
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