Six more companies, including Wells Fargo, Cisco, Marvell, Arm Holdings, Moderna and Intuit, have objected to trading their shares on the OKXICE TSV tokenized stock venue, bringing the total to 22, up from nine on October 15. The notices do not give reasons or explain what an objection does. The venue, a 50-50 joint venture of Intercontinental Exchange and OKX's U.S. holding company, plans 24/7 trading of tokenized U.S. stocks on OKX's XLayer blockchain, paired with stablecoins like USDC, under the SEC's innovation exemption. Its updated notice also flags risks, including no circuit breakers beyond trading halts, no policies on maximal extractable value, and smart contract upgrades without advance notice to users.
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- Microsoft, Alphabet, Goldman Sachs Join Growing List of Companies Objecting to Tokenized Stocks
Seven more companies, including Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's and Western Digital, have objected to their shares trading on OKXICE TSV, according to an updated notice dated Oct. 19. The total number of objecting issuers is now 16, up from nine in the Oct. 15 notice, and neither notice gives reasons. OKXICE TSV is a planned tokenized stock venue from OKX and Intercontinental Exchange, set to run 24/7 on Uniswap v4 pools on XLayer and settle trades in USDC and USDT. The updated notice also allows tokenized shares from the issuers themselves, not only third parties, and the venue will operate under the SEC's innovation exemption without being subject to Regulation NMS.
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OKX-ICE co-chair Andrew Cuomo called companies' objections to tokenized stock trading a “very natural response,” saying many firms would wait and see before participating. Sixteen companies have objected to having tokenized versions of their shares traded on the planned OKX-ICE venue, with seven newly disclosed objectors including Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s and Western Digital. The SEC's five-year “Innovation Exemption” allows limited trading tests with caps on the number of stocks and volume, while letting issuers decide whether to participate. Securitize and Vertalo executives said issuers need answers on pricing, investor protections, custody and shareholder rights, and that today's objections could later turn into acceptance as the infrastructure develops.
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- Wells Fargo, Cisco, Intuit Among 6 More Companies Objecting to Tokenized Stocks
Six more companies, including Wells Fargo, Cisco, Marvell, Arm, Moderna and Intuit, have objected to trading their shares on OKXICE TSV, according to an Oct. 23 notice, bringing the total to 22, up from 16 on Oct. 19 and nine on Oct. 15. The notices do not explain the companies' reasons or the effect of an objection. The venue, a 50-50 joint venture of Intercontinental Exchange and OKX's U.S. holding company, plans to let approved users trade tokenized U.S. stocks 24/7, paired with stablecoins such as USDC, under the SEC's innovation exemption. The latest notice also flags risks, including no circuit breakers beyond trading halts, no policies on maximal extractable value, unsettled questions for broker-dealers on trade reporting and best execution, and smart contracts that can be upgraded without advance notice. Nasdaq has said it will opt its shares out of the exemption.
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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.
- The Growth of the Tokenized Equities Market Is Off-the-Charts. Here's What Crypto Investors Need to Know.
The market value of tokenized stocks rose 790% year over year as of Oct. 12, according to Grayscale, reaching $3.4 billion as of Oct. 20 with 4.5 million holders. The article argues that leading chains such as BNB Chain, Ethereum and Solana may not translate this activity into value for coin holders, since Solana's fee burns are too small to meaningfully reduce supply. Citigroup estimated tokenized public equities could be worth about $2.6 trillion by 2030. An SEC exemption issued Sept. 17 lets qualifying U.S. venues offer tokenized stocks without registering as exchanges, a structure the article says favors Coinbase, whose Base chain had $8.1 million in tokenized assets, while Robinhood's 189 tokens worth $143.6 million are debt securities without voting rights. The author considers Robinhood and Coinbase stocks a better way to gain exposure to tokenization than cryptocurrencies, since they capture fees delivered to shareholders.
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