JPMorgan, Coca-Cola, Dell and four other companies, including AMD, Adobe, Applied Materials and Sandisk, have objected to plans by crypto exchange OKX and Intercontinental Exchange, owner of the NYSE, to offer tokenized versions of their shares. An updated notice brought the number of disclosed objections to 33, about 48% of the 62 firms originally notified. OKX-ICE announced its plan in early October to offer round-the-clock trading of tokenized US stocks on OKX's XLayer blockchain, settled in stablecoins and operating under the SEC's five-year Innovation Exemption. A written objection stops the venue from offering that company's stock but does not automatically exclude the shares from other platforms. Nasdaq said it will exclude its own shares from the framework, while Nvidia, Tesla, Apple and Amazon have not objected so far.
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- Walmart Blocks Its Stock From OKX-ICE Tokenized Trading Venue
Walmart, Eli Lilly, Cigna Group, Carnival and Arcos Dorados have objected to their shares being offered on OKXICE TSV, raising the total number of objecting companies to 38 from nine initially and extending the pushback into retail, health care and travel. Under the SEC's innovation exemption, if a company objects in writing within 30 days, the venue cannot make a tokenized version of its stock available for trading. OKXICE TSV, a 50-50 joint venture of Intercontinental Exchange and OKX, plans to let approved users trade tokenized U.S. stocks 24/7 on the XLayer blockchain; the exemption caps it at 75 of the largest stocks, limited to 0.25% of each stock's average daily volume, and up to 250 others at 2.5%. Major names such as Nvidia, Tesla, Apple and Amazon have not objected yet, so the list may still change.
- Walmart Blocks Its Stock From OKX-ICE Tokenized Trading Venue
Walmart, Eli Lilly, Cigna Group, Carnival and Arcos Dorados have objected to their shares being offered on OKXICE TSV, according to its Oct. 28 notice. The number of objecting companies has risen from nine on Oct. 15 to 38, spreading into retail, health care and travel. Under the SEC's innovation exemption, a timely written objection bars the venue from listing a third-party tokenized version of that company's stock; the objection applies only to this venue, and the notices do not disclose reasons. OKXICE TSV, a 50-50 joint venture of Intercontinental Exchange and OKX's U.S. holding company, plans 24/7 trading of tokenized U.S. stocks through Uniswap v4 pools on XLayer, paired with stablecoins such as USDC, with caps of 0.25% of average daily volume for 75 large stocks and 2.5% for up to 250 others. Nvidia, Tesla, Apple and Amazon have not objected yet.
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So far 22 publicly traded companies have objected to having their shares tokenized and traded on the OKX and ICE venue under the SEC's innovation exemption, including Microsoft, Alphabet, Goldman Sachs, McDonalds, Wells Fargo and Cisco. Under the rules, a venue must notify the issuer and allow 30 days to object; silence counts as consent and cannot be withdrawn once trading begins, so objecting can be the rational choice for legal and investor-relations teams still assessing the new structure. Some industry figures say the objections reflect caution toward a new process rather than rejection of tokenization, while Nasdaq objects to trading tokenized versions of its stock outside the National Market System over concerns about fragmented liquidity and weaker price discovery. Securitize and BitGo said they will not object to the listing.
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