Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s and Western Digital have objected to their shares trading on OKXICE TSV, according to an Oct. 19 notice. The total number of objecting issuers rose to 16 from nine in the venue’s Oct. 15 notice, though neither notice gives reasons. The updated notice also says the venue may offer stocks tokenized by the issuers themselves, not only by third parties. OKXICE TSV is a planned 24/7 tokenized stock venue from OKX and ICE, running on Uniswap v4 pools on XLayer with stablecoin settlement under the SEC's innovation exemption. Nasdaq, which has its own tokenized securities pilot, said it will opt its shares out of the exemption.
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- Alphabet, Microsoft add objections to OKX-ICE proposed tokenized stock platform
OKXICE, the joint venture of crypto exchange OKX and Intercontinental Exchange, the parent of the New York Stock Exchange, received 16 notices of issuer objection from companies including Microsoft, Alphabet and Goldman Sachs. The notices gave no specific reasons, though one expert said they could reflect uncertainty over what would happen to the companies' share prices on the platform. Co-chair Andrew Cuomo said these were not objections but companies waiting to see how the model works, and he expects more to follow. About 25% of the 62 companies proposed for the platform have objected, and the platform would run 24/7 on permissioned Uniswap v4 liquidity pools on XLayer. Each tokenized stock would be paired with one of three stablecoins: USDT, USDC or USDG.
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