CoinDesk
Nvidia, Costco, Nike and Micron are among 12 more companies objecting to OKX-ICE’s plan to trade tokenized U.S. stocks, bringing the total to 50. Of the 62 companies initially selected, 43, or about 69%, have objected; 19 have no disclosed objection.
Why it matters
The OKX-ICE venue is designed to let investors trade digital versions of U.S. shares around the clock using stablecoins. It is being developed under the SEC’s five-year Innovation Exemption, which allows companies to block their shares from trading on a platform when an unaffiliated third party arranges the tokenization.
The objections show that many issuers remain cautious about a model promising longer trading hours and faster settlement. They do not necessarily amount to opposition to tokenization itself: JPMorgan Chase, an earlier objector, has said it sees potential in the technology while wanting to be thoughtful about how its shares are represented and traded.
Market impact
OKX-ICE co-chair Andrew Cuomo said companies may participate as they become more familiar with tokenization and its potential benefits. The objections nonetheless leave the proposed venue facing a substantial issuer-consent challenge as it develops its offering.
No disclosed objection does not mean a company has endorsed the venue or that its shares will be available at launch. For companies notified on Oct. 4, the 30-calendar-day response deadline falls around Nov. 3, but deadlines vary with when each issuer received notice. Venues can take up to five business days to disclose objections, so the published list may lag responses.
Frequently asked questions
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How many companies in OKX-ICE’s original selection have objected?
Forty-three of the 62 initially selected companies have objected, or about 69%. Nineteen have no disclosed objection.
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What would the OKX-ICE tokenized stock venue allow investors to do?
It is designed to let investors trade digital versions of U.S. stocks around the clock using stablecoins.
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How does the SEC Innovation Exemption affect issuers?
The five-year exemption allows companies to block their shares from trading on a platform when an unaffiliated third party arranges the tokenization.
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Does having no disclosed objection mean a company supports the venue?
No. The absence of a disclosed objection does not establish endorsement or mean a company’s shares will be available at launch.
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Why might the published objection list not reflect every response immediately?
Companies have 30 calendar days after receiving notice to object, and venues have up to five business days to disclose an objection. Deadlines vary by receipt date, and disclosures can lag responses.
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