Key takeaways Twenty-two companies object to proposed tokenized stock trading Microsoft, Alphabet and Goldman Sachs join growing opposition SEC rules allow companies to block third-party list
Microsoft, Google parent Alphabet and Goldman Sachs are among 22 major companies opposing plans to trade blockchain-based versions of their shares on a new platform backed by crypto exchange OKX and the owner of the New York Stock Exchange.
The opposition expanded on October 23 when six additional companies, including Wells Fargo, Arm Holdings and Intuit, filed objections with OKXICE, according to Reuters.
The dispute raises an important question for the rapidly expanding tokenization industry: can financial platforms move traditional stocks onto blockchains when the companies issuing those shares object?
Why 22 Major Companies Are Blocking Tokenized SharesOKXICE is a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange.
The platform plans to offer blockchain-based representations of U.S. equities, potentially enabling investors to trade around the clock and settle transactions using stablecoins.
Its initial proposal identified 63 stock tickers representing 62 companies, including Microsoft, Tesla, Nvidia, Amazon and Goldman Sachs.
However, corporate opposition has grown rapidly.
Nine companies had objected by October 15, increasing to 16 on October 19 and reaching 22 by October 23.
The latest additions include Wells Fargo, Arm, Intuit, Cisco Systems, Moderna and Marvell Technology. Earlier objectors included Qualcomm, Broadcom, Verizon, McDonald's and CoreWeave.
The companies have not collectively disclosed their reasons, making it inappropriate to characterize the objections as opposition to blockchain technology itself.
The development complicates the OKX and ICE partnership, which previously positioned tokenized stock trading as a major part of the companies' expansion plans.
SEC Rules Give Companies Power to Reject Blockchain ListingsThe objections follow a regulatory change introduced by the U.S. Securities and Exchange Commission on September 17.
Under the SEC's exemption framework, qualifying tokenized securities venues must notify companies before listing tokenized versions of their shares created by unaffiliated third parties.
Companies have 30 calendar days after receiving notification to object. If an objection is submitted within that period, the venue cannot offer the specified third-party tokenized shares.
The restriction does not prohibit a company from pursuing its own tokenization initiative or automatically block other securities products.
This distinction matters because real-world asset tokenization can involve different ownership structures, including issuer-backed securities and third-party tokens.
OKXICE's proposed model would hold traditional shares through regulated intermediaries while issuing corresponding blockchain tokens.
The platform has outlined trading through Uniswap v4 liquidity pools on OKX's XLayer network, with stablecoins supporting settlement.
Could Corporate Opposition Slow the Tokenized Stock Market?The growing objections arrive as major financial institutions continue investing in blockchain-based securities.
Morgan Stanley recently outlined plans to support tokenized equities through its alternative trading system, while forecasts suggest the broader tokenized asset market could eventually reach trillions of dollars.
Coinpaper's Morgan Stanley coverage highlighted both the market opportunity and the challenge of developing suitable infrastructure.
Crypto companies are already experimenting with different approaches.
Ondo Finance previously introduced more than 200 tokenized stocks, while Kraken offers stock-linked tokens to eligible customers outside the United States.
Meanwhile, Binance has pursued equity-linked derivatives, which provide price exposure without representing ownership of conventional shares.
These structures differ in their legal rights, regulatory treatment and investor protections.
OKXICE co-chair Andrew Cuomo has described corporate hesitation as an expected response to an unfamiliar market structure, arguing that companies may prefer to observe early developments before participating.
