Andrew Cuomo says Wall Street Journal ad against tokenized stocks means 'game on'
OKX board member and joint venture co-chair Andrew Cuomo framed a full-page Wall Street Journal advertisement warning public companies against stock tokenization as a sign of escalating platform competition, telling reporters that major institutions are now battling over market share.
Andrew Cuomo, an OKX board member who co-chairs the exchange's joint venture with Intercontinental Exchange (ICE), declared during a virtual press call on Oct. 29 that a recent full-page Wall Street Journal advertisement warning public companies against stock tokenization indicates the market has moved beyond theoretical debate. Addressing reporters, Cuomo asserted that traditional finance firms are now openly vying for market share, saying the pushback effectively signals 'game on' as major players position themselves for the future of digital securities.[1]
The paid advertisement appeared on page B5 of the Journal's Oct. 24–25 weekend edition under the headline 'YOUR STOCK. THEIR TOKENS. YOUR PROBLEM.' It urged chief executives to exercise an opt-out right under an exemption from the Securities and Exchange Commission within 30 days, cautioning that tokens of their equity would otherwise trade on unregulated venues. Sponsored by the Common Sense Leadership Fund, an Arlington, Virginia-based 501(c)(4) organization, the ad featured a QR code directing readers to a Nasdaq FAQ page. Cuomo questioned why a political organization would intervene when no legislation is pending, calling the move commercial rivalry while pointing out Nasdaq's internal tokenization initiatives. Nasdaq told CoinDesk that it had no involvement with the ad, though its FAQ confirmed plans to opt its own shares out of tokenized platforms.[1][3]
The ad prompted broader industry debate, with Securitize CEO Carlos Domingo criticizing its warnings as misleading and running a counter-advertisement in the Journal, while Jito Labs' Rebecca Rettig argued that the ad mischaracterized SEC-permitted structures. Meanwhile, an Oct. 28 notice from OKX-ICE listed 38 companies that have opted out of share tokenization, up from 33 the previous day, including 33 of an initial 62 proposed targets. Cuomo noted that the venue's list-first framework originates from the SEC's Sept. 17 innovation exemption, adding that opt-outs will continue on a rolling basis with 'no end period' while unnamed companies have requested to opt in.[1][2]
Key facts
- Andrew Cuomo, co-chair of OKX's joint venture with ICE, stated on an Oct. 29 press call that a full-page Wall Street Journal ad opposing stock tokenization shows the sector is now fighting over platform adoption.
- The ad appeared on page B5 of the Wall Street Journal's Oct. 24–25 edition under the headline 'YOUR STOCK. THEIR TOKENS. YOUR PROBLEM.' and warned executives to exercise an SEC opt-out within 30 days.
- The ad was funded by the Common Sense Leadership Fund, a 501(c)(4) group based in Arlington, Virginia, and included a QR code linking to a Nasdaq FAQ page.
- Nasdaq told CoinDesk it had no connection to the advertisement, though its FAQ confirmed it plans to opt its own shares out of tokenized trading venues.
- An OKX-ICE notice on Oct. 28 reported 38 companies had opted out of stock tokenization, including 33 from an initial list of 62 proposed companies.
- Cuomo stated that companies can continue opting out of the OKX-ICE venue on a rolling basis with 'no end period' under the SEC's Sept. 17 innovation exemption, while other unnamed firms have requested to opt in.
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UnchainedArticle ·
Andrew Cuomo Says Wall Street Journal Ad Against Tokenized Stocks Means ‘Game On’ Andrew Cuomo said a full-page Wall Street Journal ad warning public companies about stock tokenization tells him the industry has stopped debating whether tokenization will happen and started fighting over whose platform gets the business. “It means game on,” Cuomo, who joined OKX’s board in July and co-chairs the exchange’s joint venture with Intercontinental Exchange (ICE), said on a virtual press call on Thursday, Oct. 29. He argued that traditional players would not be competing to enter the tokenization market without “major players believing it is the way of the future.” Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . What the Ad Said The paid ad ran on page B5 of the Journal’s Oct. 24-25 weekend edition and was shared on X on Oct. 25. Its headline read “YOUR STOCK. THEIR TOKENS. YOUR PROBLEM.” The ad pointed CEOs to their SEC opt-out right and said they “must act within 30 days,” warning that tokens of their shares would otherwise trade on “unregulated venues.” The ad carries a paid-for line naming the Common Sense Leadership Fund , which CoinDesk reported is a 501(c)(4) group based in Arlington, Virginia. On the call, Cuomo questioned why a political group would weigh in when no legislation on the issue is moving. He framed it as a competitive move, pointing out that the ad had a QR code that sent readers to a Nasdaq FAQ . He noted that Nasdaq is working on its own tokenization models. “My tokenization platform is better than your tokenization platform,” he said. In the FAQ, Nasdaq said it intends to opt its own shares out of tokenized securities venues. Nasdaq told CoinDesk it had no connection to the ad. Industry Reaction Securitize CEO Carlos Domingo called the ad misleading in an Oct. 26 post on X, saying its concerns do not apply to tokenization “done in the US under SEC regulations” and blaming “offshore synthetics” for the backlash. Securitize then ran a full-page WSJ ad of its own, which Frank Chaparro highlighted on X on Oct. 28 as a defense of regulated tokenization, and the company wrote on X the same day that “everyone has an opinion on tokenized stocks this week.” Jito Labs’ Rebecca Rettig published a longer response on X on Oct. 29, arguing that the ad’s warnings miss the only form of tokenized stock the SEC exemption allows and that none of its risks “could or would occur under this tokenization model.” Opt-Outs on a Rolling Basis OKXICE’s notice dated Oct. 28 listed 38 companies that had objected to having their shares tokenized, up from 33 a day earlier. Thirty-three of them were among the 62 companies it first proposed . Cuomo said he was not surprised by the opt-outs. Some companies will tell themselves “I don’t want to be the first one in the pool,” he said. He said the list-first design came from the SEC’s innovation exemption , issued Sept. 17, which gives each named company 30 days to object. “The start period has passed. There’s no end period,” Cuomo said, explaining that each new notice to a company starts a fresh 30-day clock. Cuomo said during the call that other companies have called asking to be added, saying “we are interested in opting in,” but he did not name them, give a number or set a launch date. Related Listen: Why Domingo Says Wall Street’s Copycat Stock Tokens Break the Rules The post Andrew Cuomo Says Wall Street Journal Ad Against Tokenized Stocks Means ‘Game On’ appeared first on Unchained .
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Laura Shin@laurashinPost on X ·
Companies can keep opting out of the OKX-ICE tokenized stock venue on a rolling basis with "no end period," Andrew Cuomo told reporters, adding that firms not on its list have asked to join. https://t.co/AeHUI3rSmv
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The Wolf Of All Streets@scottmelkerPost on X ·
AN ANONYMOUSLY FUNDED FULL-PAGE WSJ AD IS WARNING PUBLIC COMPANY CEOS AGAINST TOKENIZED STOCKS
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