CoinDesk
Sixteen companies have objected to having tokenized versions of their shares traded on OKX-ICE’s planned venue, but joint venture co-chair Andrew Cuomo called the pushback a “natural response.” He said companies were expected to wait and see as the new market structure develops. The SEC’s five-year Innovation Exemption allows qualifying venues to test tokenized securities trading, with limits on participating stocks and trading volumes.
Why it matters
The objections show that tokenized equity markets depend not only on trading technology, but also on issuer consent and clear rules for pricing, custody, investor protections and shareholder rights. The framework gives companies a choice to opt in or out, while the 30-day objection window lets them exercise that choice.
Securitize CEO Carlos Domingo said issuers’ questions are reasonable and pointed to issuer-sponsored tokenization as another participation route. Securitize has announced an offering of 12 tokenized stocks for U.S. investors, with plans to make them available on OKX-ICE. Objections to the planned venue do not by themselves establish opposition to that separate offering.
Market impact
Microsoft, Alphabet and Goldman Sachs are among the objectors. Cuomo described the exemption as a limited sandbox, while Vertalo CEO Dave Hendrick said infrastructure to synchronize traditional exchange trading with tokenized securities venues is not yet in place. He said objections could give way to acceptance once those systems develop.
For tokenized equities, the near-term test is whether venues can address issuer concerns and connect to existing market infrastructure. The opt-in framework leaves room for participation to expand, but the objections underline that adoption will depend on more than the ability to trade shares on blockchain rails.
Frequently asked questions
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How many companies objected to trading tokenized shares on OKX-ICE?
Sixteen companies objected to having tokenized versions of their shares traded on the planned venue.
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What does the SEC Innovation Exemption allow venues to test?
It allows qualifying venues to test tokenized securities trading, with limits on the number of participating stocks and trading volumes.
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Why are issuers raising questions about tokenized stock markets?
Issuers want clarity on pricing, custody, investor protections and shareholder rights as the new markets develop.
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Do objections to OKX-ICE also reject Securitize’s tokenized stock offering?
No. Objections to the OKX-ICE venue do not by themselves establish opposition to Securitize’s separate offering.
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What infrastructure gap did Vertalo’s CEO identify?
Dave Hendrick said there is not yet a system to synchronize trading on traditional exchanges with trading on tokenized securities venues.
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