Nvidia, Costco, Nike and nine other public companies have joined the list of issuers objecting to the trading of their shares on OKXICE TSV, the tokenized stock venue operated by Intercontinental Exchange and OKX-linked entities. With the latest update, the number of objecting issuers has reached 50.
A revised public notice dated Oct. 30 lists the 50 companies that filed a Notice of Issuer Objection. Compared with the venue’s Oct. 28 notice, which named 38 companies, the latest version added 12 issuers in two days: CrowdStrike, Corning, Micron, IREN, USA Rare Earth, Bloom Energy, Nike, Nvidia, Palo Alto Networks, Costco, Reddit and Hewlett Packard Enterprise.
They join companies that had already objected, including Microsoft, Alphabet, JPMorgan Chase and Goldman Sachs, as well as Walmart, Eli Lilly and Cigna, which appeared on the Oct. 28 list.
The notice does not say why any of the companies objected. It also still gives no date for when trading will begin.
SEC exemption limits what the venue can list
The platform is operating under an exemptive order from the U.S. Securities and Exchange Commission that was published in the Federal Register on Sept. 22. Under that order, the venue cannot list a stock tokenized by an unaffiliated third party once the issuer of that stock files a timely objection.
How OKXICE TSV says the venue will work
The notice says OKXICE LLC is owned 50% by ICE and 50% by OKC USA Holding, an OKX affiliate. The company plans to run permissioned Uniswap v4 liquidity pools on OKX’s XLayer network. Those pools would be open around the clock to wallets holding a non-transferable access token issued after identity checks.
The filing also states that the venue is not registered with the SEC. It says unfair and unreasonably discriminatory denials or limitations of access affecting participants are not subject to SEC review.
MEV, audits and customer protection questions
The notice says the venue has no policies specifically addressing maximal extractable value, or MEV, the practice of reordering pending transactions for profit.
It says the venue’s controls against manipulative trading include permissioning every participant, surveilling trading activity, revoking the access token of anyone found to be trading manipulatively, and allowing each participant to set a minimum amount they must receive on a trade. According to the notice, those measures substantially mitigate MEV risk, but do not eliminate it.
The soulbound token contract used to gate access has been audited internally, according to the filing, but not by external auditors.
The notice also says that if the broker-dealer behind the tokens were to fail, it is uncertain whether tokens held in self-custodied wallets would count as customer property or be covered by the Securities Investor Protection Corporation.
It adds that tokenized shares on the venue are not limited to trading on OKXICE TSV. Other venues may support them as well if the tokenizer supports that trading and the conditions of the SEC exemption are met.
Andrew Cuomo says more companies may wait
Before the latest additions were disclosed, venture co-chair Andrew Cuomo told reporters on an Oct. 29 press call, 「you’ll have a lot of companies that take the position I want to wait and see.」
On the same call, he said a full-page Wall Street Journal ad urging CEOs to opt out meant 「game on.」
