22 Companies Object to OKX-ICE Tokenized Stock Platform

As of Friday, 22 companies had filed objections to the OKX-ICE joint venture's proposed tokenized stock platform. The venture operates under the SEC's innovation exemption. Some of the world's biggest companies objected to being listed on the first tokenized securities trading venue.

Wells Fargo, Arm Holdings, Intuit, Cisco, and Marvell were among the most recent firms to object. Reuters reported that six more companies objected to listing tokenized versions of their stock on the venue, bringing the total objections to 22. Spokespeople for Wells Fargo and Arm Holdings declined to comment on their decision to object to the initiative.

The OKXICE venture originally proposed 62 companies listing tokenized stocks when it filed with the SEC earlier this month. Of the objecting companies, 16 were listed on Nasdaq, while only six were available on the NYSE. Nasdaq released guidance in September warning issuers to be cautious about participating in the SEC innovation exemption for trading tokenized stocks due to potential long-term consequences.

OKXICE co-chair Andrew Cuomo stated that companies expected more objections to avoid being the first to test the stock model.