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- Crypto Biz: Wall Street closes at 4. Tokenized stocks keep trading
Tokenized stock trading is drawing activity outside regular US market hours: according to Blockworks data cited by The Kobeissi Letter, over 70% of tokenized stock volume on BNB Chain occurs outside those hours, compared with 63% on Solana and nearly 60% on Base. The value of tokenized stocks rose 15% over 30 days to nearly $3.3 billion, according to RWA.xyz, while the SEC's innovation exemption allows qualifying platforms to trade tokenized US-listed stocks on public blockchains, though xStocks and Ondo Global Markets remain largely unavailable to US investors. The newsletter also covers Strive, which bought 3,311 BTC in the week ending Oct. 9 and now holds 32,773 BTC after investors exercised $208 million in warrants, and Bitcoin miners, which face steep financing costs for AI expansion.
- Tokenized Stock Trading Has Been a Big Hit Overseas. So Why Are Some Publicly Traded Companies in America Objecting?
Robinhood has launched tokenized stock trading in over 120 countries this year but has not yet received U.S. approval. Tokenized stocks are blockchain tokens representing ownership of conventional shares that can be traded 24/7 across borders, yet holders lack voting rights and direct cash dividends because a custodian bank holds the underlying shares. Microsoft, Verizon and McDonald’s are among a growing list of large companies that have filed to bar tokenization of their shares, arguing platforms cannot issue synthetic versions without consent and that the practice compromises investor safety and corporate governance. In September, the SEC issued an “innovation exemption” letting qualifying platforms trade tokenized stocks in the U.S. for up to five years, but it requires equal rights for holders and gives companies 30 days to object. The article suggests Robinhood is unlikely to bring the feature to U.S. investors soon given nearly two dozen major objectors, though its overseas growth remains worth watching.
- Why McDonalds, Microsoft and Google saying no to tokenized stocks isn't a dealbreaker
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.
- Wells Fargo, Arm and Intuit Reject Tokenized Shares on OKX-ICE
Six more companies, including Wells Fargo, Arm Holdings and Intuit, have told the joint venture of OKX and Intercontinental Exchange that they will not allow their shares to be tokenized on its platform, Reuters reported. The new objections bring the total to 22 companies, and the reasons were not stated. The venture, OKXICE, planned to tokenize 63 stocks and filed with the SEC under its new innovation exemption, which requires advance notice and bars listing if an issuer objects. The article notes the objections apply to the OKXICE venue and do not necessarily mean the companies oppose all forms of stock tokenization.
- SEC flags tokenization as high-risk area in 2027 market examinations
The SEC added tokenization to its fiscal 2027 examination priorities, flagging tokenized securities as an emerging market risk alongside quantum computing and extended trading hours. Tokenization is an area of focus for critical market infrastructure and a high-risk area at clearing agencies, alongside default management, securities lending and operational risks. Cryptocurrencies, however, remain absent as a standalone examination priority for a second consecutive year, after the fiscal 2025 priorities included a dedicated section on crypto assets. The move comes as traditional firms expand into tokenized securities, including an OKX and Intercontinental Exchange joint venture that filed to offer tokenized shares in more than 60 US-listed companies.
- Aptos Labs and five blockchain groups ask SEC for clearer crypto rules
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