CoinDesk
Amazon, Tesla and SpaceX are among the latest companies to object to OKX-ICE’s plan for tokenized stock trading. Objections now cover 56 companies in total: 49 of the 62 firms in the venture’s initial selection, or about 79%, plus seven companies outside that group.
Why it matters
OKX-ICE plans to let investors trade tokenized versions of U.S. shares around the clock on a blockchain-based venue, using stablecoins for settlement. The proposal would operate under the SEC’s five-year “innovation exemption,” which allows qualifying marketplaces to use automated market makers instead of traditional order books.
The objections show that many issuers remain cautious about trading their shares outside familiar stock-market infrastructure. Companies are weighing whether tokenized markets could bring in additional investors and how trading on a separate venue might affect their shares.
Market impact
Companies have 30 days to object after receiving written notice. Firms notified on Oct. 4 would face a Nov. 3 deadline, though each company’s response period runs from when it received its individual notice. Venues have up to five business days to publish objections, so further responses could follow.
Thirteen companies from the initial selection had no disclosed objection as of Monday’s notice. OKX-ICE co-chair Andrew Cuomo said some companies wanted to see how the market worked before participating. He did not provide a launch date or say how many stocks would be available at launch.
Frequently asked questions
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How many companies have objected to OKX-ICE’s tokenized stock plan?
Objections cover 56 companies: 49 of the 62 firms in the initial selection and seven companies outside that group.
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How would OKX-ICE’s proposed tokenized stock venue work?
It would offer round-the-clock trading of tokenized U.S. shares on a blockchain-based venue, with investors paying using stablecoins.
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What does the SEC innovation exemption allow?
The proposed venue would use the SEC’s five-year innovation exemption, which allows qualifying marketplaces to use automated market makers instead of traditional order books.
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When is the objection deadline for companies notified on Oct. 4?
Their 30-day response period would end on Nov. 3. The deadline varies according to when each company received its individual notice.
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Could more objections be published after the response deadline?
Yes. Venues have up to five business days to publish objections, so further responses could emerge after companies’ individual deadlines.
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