50 US Companies Oppose OKX-ICE Tokenized Stock Trading, Including Microsoft and Nvidia - Altcoin Buzz
Fifty companies, including Microsoft and Alphabet, have objected to having their shares traded on the planned OKXICE tokenized securities platform.
The push to bring traditional stocks onto blockchain networks is facing growing resistance. Fifty companies have now objected to having their shares traded on the planned OKXICE tokenized securities venue, including major names such as Microsoft, Alphabet, JPMorgan Chase, Nvidia, Nike, Costco, Micron, and Reddit.
Platform Details
OKXICE is a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. Its proposed platform aims to enable 24/7 trading of tokenized US stocks, with transactions settled using stablecoins.
The planned platform would allow investors to trade blockchain-based representations of US-listed shares outside traditional stock market hours. The system is designed to operate on OKX's X Layer blockchain using permissioned liquidity pools and stablecoin settlement.
Regulatory Framework
The initiative follows the US Securities and Exchange Commission's September 17 Innovation Exemption, which provides temporary, conditional regulatory relief for qualifying tokenized securities venues. Under the framework, companies can object to third-party tokenization of their shares within a 30-day notification period.
A valid objection prevents the venue from listing that third-party token under the exemption.
Industry Implications
The public notices do not provide specific explanations for every company's objection. However, concerns surrounding shareholder rights, price discovery, liquidity, investor protection, and control over how company shares are represented on blockchain networks have become central to the debate.
The objections apply specifically to the proposed OKXICE venue and do not amount to a general ban on tokenized securities. The development comes as traditional financial infrastructure moves toward blockchain-based securities, with the Depository Trust & Clearing Corporation recently launching a tokenization service.
This creates an interesting contrast: while some companies are resisting third-party tokenization of their shares, established financial institutions are exploring blockchain infrastructure for securities settlement and ownership.
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