CoinDesk
Broadcom, Verizon and UnitedHealth are among nine issuers objecting to having their shares traded on OKX-ICE’s planned tokenized-stock venue. The platform initially targeted 63 U.S.-listed companies and would offer around-the-clock trading of blockchain-based shares backed one-for-one by underlying stock. Nasdaq has separately said it would opt out.
Why it matters
The venue would operate under the SEC’s five-year Innovation Exemption, which allows qualifying platforms to use automated market makers and liquidity pools for tokenized U.S. stocks. OKX-ICE plans to use Uniswap v4 liquidity pools on OKX’s XLayer blockchain, with trades settled in stablecoins and underlying shares held through a registered broker-dealer.
The issuer resistance highlights a central weakness in the framework: its temporary status. TD Securities analysts said discussions with dozens of issuers found little interest in tokenizing shares outside a small group of crypto-adjacent companies. They identified the possibility of a future SEC reversing the approach as a major obstacle to infrastructure investment and institutional integration.
Market impact
The nine objecting issuers include AppLovin, Applied Digital, Rocket Lab, CoreWeave, Applied Optoelectronics and Cerebras Systems, in addition to Broadcom, Verizon and UnitedHealth. The companies did not disclose why they objected or when they submitted their notices.
Nasdaq said it does not want its shares traded on a venue that does not display best prices in real time or report to the consolidated tape. If more issuers follow, OKX-ICE could launch with a narrower stock selection, making liquidity and institutional participation harder to build despite the promise of continuous onchain trading.
Frequently asked questions
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How many issuers have objected to the OKX-ICE tokenized-stock venue?
Nine issuers are named as objecting, including Broadcom, Verizon, UnitedHealth and Cerebras Systems.
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What regulatory framework would OKX-ICE use for tokenized stocks?
The venue would operate under the SEC’s five-year Innovation Exemption for qualifying tokenized-stock platforms.
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How would OKX-ICE’s tokenized stocks be backed?
The model calls for underlying shares to be held one-for-one against outstanding tokens through a registered broker-dealer.
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Why is Nasdaq opting out of the planned venue?
Nasdaq cited concerns that the venue would not display best prices in real time or report trades to the consolidated tape.
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Why could issuer resistance affect institutional adoption?
Fewer participating issuers could narrow the platform’s stock selection, while uncertainty over the temporary SEC framework may discourage institutions from integrating with it.
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