OKXICE Tokenized Stock Platform Faces Opposition from 16 Companies

OKX and Intercontinental Exchange (ICE) jointly own the tokenized stock trading platform OKXICE TSV, which announced on October 19 that 16 U.S. listed companies have submitted objections against trading their stocks on the platform, an increase from 9 companies disclosed on October 15.

The newly opposed companies include Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's, and Western Digital. Previously opposed companies include Broadcom, Verizon, UnitedHealth, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Applied Optoelectronics, and Cerebras Systems.

The platform utilizes a permissioned AMM pool based on Uniswap v4 on the X Layer, pairing tokenized stocks with USDC, USDG, or USDT, and supports 24/7 trading without offering leverage or lending. It was initially planned to cover 63 stock codes (approximately 62 companies), with about 47 companies yet to publicly oppose.

According to the SEC's innovation exemption framework, issuers can submit objections within 30 days of receiving notice, and timely objections will prevent the platform from offering tokenized trading of those stocks under the exemption. The platform is not registered with the SEC and is not subject to Regulation NMS.

Applied Optoelectronics previously stated that their objections stem from uncertainties regarding the impact of tokenization on stock price, liquidity, and volatility, as well as potential confusion for investors regarding their level of participation. OKXICE still plans to launch trading for several companies that have not opposed, including NVIDIA and Apple.

Public companies are exercising their right to oppose to limit third-party tokenized trading, driven by the issuer veto power under the SEC's innovation exemption; the scope of the platform is narrowing due to opposition, and the joint venture platform of OKX and ICE continues to advance with the remaining stocks, while the stocks of opposing companies are excluded from this specific venue.

Source: Public Information