More listed companies are objecting to OKXICE TSV, the planned tokenized stock venue being developed by OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
According to an updated public notice dated Monday, seven additional companies have objected to having their shares traded on the platform: Microsoft, Google parent Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s, and Western Digital.
That brings the total number of objecting issuers to 16, up from nine in the venue’s previous notice released just four days earlier. The earlier group included Verizon, Broadcom, UnitedHealth Group, CoreWeave, and Rocket Lab.
Neither notice explains why the companies objected, and neither says whether an objection would prevent a stock from appearing on the platform.
Goldman Sachs stands out on the list
Goldman’s presence is notable because the bank has also invested in blockchain-based markets.
Notice changes language on who can tokenize shares
The revised notice also includes a meaningful change. The Oct. 15 version said the venue would offer stocks tokenized by third parties unaffiliated with the companies. Monday’s version says the platform will offer stocks tokenized either by an outside party or by the issuer itself.
That change opens the door for companies to take a more direct role in how their shares are represented onchain.
Under the third-party model described in the notice, an outside tokenizer would buy and hold real shares on a one-for-one basis through a registered broker-dealer, then issue tokens intended to carry the same dividend and voting rights.
24/7 trading planned on XLayer
The venue is designed to operate 24/7 on Uniswap v4 liquidity pools on OKX’s XLayer blockchain, with trades settled in stablecoins including USDC and USDT.
Platform would rely on the SEC innovation exemption
OKXICE is set to operate under the U.S. Securities and Exchange Commission’s innovation exemption, which the agency introduced in September after the Clarity Act stalled in the Senate.
The exemption allows venues to trade tokenized U.S. stocks without registering as exchanges. The notice also states that OKXICE is not subject to Regulation NMS or fair-access rules.
OKX and ICE began working together earlier this year
OKX and ICE first teamed up on tokenized securities earlier this year, then unveiled the 24/7 venue this month.
Nasdaq, which has received SEC approval for its own tokenized securities pilot, has said it will opt its shares out of the exemption. A Nasdaq spokesperson previously told The Wall Street Journal that the company does not want its stock trading on a venue that does not show the best prices in real time or report trades to the consolidated tape.
IMF flags volatility and illiquidity
The International Monetary Fund recently warned that tokenized stock markets remain volatile and illiquid despite real demand.