# Andrew Cuomo: Wall Street Is Ready for Blockchain, Congress Must Act Blockchain technology offers a transformative path for modernizing American financial markets and trading systems. - **Source:** [Fortune | FORTUNE](https://brifing.si/source/769282ef-327a-4454-909a-3c7936216004) - **Published:** 2026-11-12 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/1afa4320-1b69-47bc-a331-8f3f489350f2 ## Historical Precedents for Disruption Technological shifts in finance often face initial resistance before becoming industry standards. In the late 1960s, electronic pricing challenged paper-based trading, eventually leading to the formation of Nasdaq in 1971. Following the 1987 market crash, regulators mandated electronic execution systems, proving that market crises often accelerate the adoption of necessary technological infrastructure. ## The Evolution of Trading Electronic trading networks like Island and Archipelago emerged in the 1990s, forcing traditional firms to adapt or face obsolescence. SEC Chairman Arthur Levitt played a pivotal role in 1996 by introducing regulations that increased transparency and competition. This transition transformed Wall Street, proving that established institutions are capable of surviving through technological integration. ## Blockchain as the Next Frontier Blockchain technology now offers a foundation for issuing securities and recording ownership, mirroring the disruptive path of electronic trading. By utilizing cryptography to secure transactions and ensure tamper-resistant records, the technology extends far beyond simple cryptocurrency trading. It provides a robust mechanism for streamlining complex financial systems and enhancing overall market efficiency. ## New York's Early Regulatory Stance In 2011, New York became the first state to license companies involved in cryptography and blockchain technology. This initiative aimed to maintain the state's status as a global financial capital by fostering innovation. The focus remained on the underlying technology's potential to streamline financial systems rather than merely trading digital tokens. ## Benefits of 24/7 Markets Blockchain enables faster settlement times and a more direct connection between issuers and investors. Moving beyond traditional nine-to-five hours, a 24/7 global marketplace could significantly attract additional investment to American securities. This shift addresses the outdated constraints of current financial hours, aligning Wall Street with the realities of modern, always-on economic enterprises. ## Current Regulatory Groundwork The SEC has established an innovation exemption to facilitate trading certain U.S. stocks via blockchain. Notably, the Intercontinental Exchange and OKX have formed a joint venture, OKXICE, to operate under this new framework. While regulatory hurdles persist, this groundbreaking step signals a shift toward enabling around-the-clock access and faster, more transparent securities settlement. ## Competitive Global Landscape Europe and other international jurisdictions have already established frameworks to authorize blockchain use in financial markets. Consumer demand for digital platforms offering 24/7 trading is growing rapidly, forcing the financial establishment to reconsider its position. Companies now face a binary choice: adopt this new technology or risk being overtaken by more agile competitors. ## The Need for Congressional Action The failure to advance the CLARITY Act represents a missed opportunity to establish a durable regulatory framework for digital assets. Congress must now prioritize economic stakes over partisan politics to ensure America leads in this evolution. Developing a system that protects consumers while fostering growth is essential for maintaining global financial leadership. ## Sources covering this story - https://fortune.com/2026/11/12/wall-street-blockchain-tokenized-stocks-24-7-trading-clarity-act-andrew-cuomo/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._