Twenty-two major companies, including Microsoft, Alphabet, Goldman Sachs and Wells Fargo, have objected to having their shares tokenized on OKXICE, the planned blockchain trading platform bac
Twenty-two major companies, including Microsoft, Alphabet, Goldman Sachs and Wells Fargo, have objected to having their shares tokenized on OKXICE, the planned blockchain trading platform backed by cryptocurrency exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE).
Six additional issuers, including Arm Holdings and Intuit, joined the opposition on October 23, bringing the total from 16 to 22. Their objections prevent the venture from offering third-party-tokenized versions of their shares under the Securities and Exchange Commission’s new trading exemption.
The objections threaten a significant portion of OKXICE’s proposed 63-stock lineup before trading has begun. Sixteen opposing companies are listed on Nasdaq, while the remaining six trade on the NYSE.
The objections have accumulated rapidly since OKXICE filed its initial plans with the SEC on October 4. The exchange identified nine opposing issuers by October 15, including Broadcom, CoreWeave, Verizon, UnitedHealth Group and Rocket Lab.
Another seven companies, including Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s and Western Digital, joined the list by October 19.
The latest six objections include Wells Fargo, Arm Holdings and Intuit. The identities of the other three were not disclosed in the initial October 23 reporting, and the regulatory documents did not explain their decisions.
OKXICE originally identified 63 stock symbols representing 62 companies for potential trading, including Nvidia, Apple, Amazon, Tesla and Coinbase. At least one opposing issuer, Cerebras Systems, was not included in that original lineup, meaning the objection count does not translate directly into 22 planned securities being removed.
The venture was established by ICE and OKX in June as a 50-50 partnership focused on bringing regulated financial products onto blockchain infrastructure.
The SEC’s September 17 Innovation Exemption allows qualifying platforms to facilitate onchain stock trading without registering as conventional securities exchanges, subject to specific restrictions.
Under the five-year framework, platforms must notify companies before offering tokenized versions of their shares created by unaffiliated third parties. Issuers then have 30 calendar days to object.
A timely written objection prevents the particular platform from offering those tokenized securities. It does not automatically prohibit the shares from being tokenized through other arrangements or venues.
OKXICE plans to support round-the-clock trading through permissioned Uniswap v4 liquidity pools on its XLayer blockchain, pairing tokenized stocks with stablecoins including USDC, USDT and USDG.
The underlying shares would be held through registered brokerage infrastructure, with tokens designed to preserve equivalent shareholder rights, including dividends and voting privileges. Participants must complete identity verification before accessing the trading pools.
The structure differs from certain synthetic equity products that provide price exposure without ownership rights. Ondo Finance recently introduced tokenized U.S. securities through a separate custodial model involving underlying shares and regulated transfer-agent infrastructure.
The growing opposition comes despite increasing demand for blockchain-based equity trading, particularly outside traditional market hours.
The number of addresses holding tokenized equities reached 759,000 in July, while trading platforms reported rising activity during evenings, weekends and market holidays.
However, tokenization also raises concerns about fragmented liquidity, inconsistent pricing and investor protections when securities trade outside established exchange infrastructure.
Nasdaq has warned that poorly coordinated tokenized markets could weaken price discovery and separate trading activity from the consolidated market data systems used by traditional exchanges.
The exchange operator is pursuing its own approach through Payward, Kraken’s parent company, with a proposed $100 million investment and a framework designed to preserve issuer participation, ownership rights and market surveillance.
OKXICE can still proceed with eligible securities whose issuers do not object within the prescribed period, provided it satisfies the SEC’s remaining conditions. A company’s silence during the notification process does not constitute an affirmative endorsement of the platform.
The venture has not announced a trading launch date. Additional objections may emerge as remaining issuers complete their 30-day review periods, potentially narrowing the initial selection further.
The post Microsoft, Alphabet Among 22 Companies Blocking OKXICE Tokenized Stocks appeared first on Crypto Adventure.
