16 Companies Now Object to Tokenized Stock Venue From OKX and NYSE Owner ICE

Microsoft, Alphabet and Goldman Sachs join growing boycott of tokenized stock platform

Seven more major companies have objected to having their shares traded on OKXICE TSV, a planned platform for tokenized stocks launched by crypto exchange OKX and Intercontinental Exchange, which owns the New York Stock Exchange. The latest objectors include Microsoft, Alphabet (Google's parent company), Goldman Sachs, Qualcomm, Caterpillar, McDonald's, and Western Digital.

The update brings the total number of objecting companies to 16, up from just nine in an earlier notice four days before. The previous group included Verizon, Broadcom, UnitedHealth Group, CoreWeave, and Rocket Lab. Neither public notice explains why these companies object or whether an objection would actually prevent their stock from appearing on the platform.

Notable names and a shifting model

Goldman Sachs' objection stands out because the bank has its own investments in blockchain-based markets. The updated notice also signals a change in how the platform works. The earlier version said OKXICE TSV would only offer stocks tokenized by outside third parties. The newer version says it will accept stocks tokenized either by third parties or by the issuing company itself, potentially giving companies more control over how their shares appear on a blockchain — a digital ledger that records transactions across many computers.

Under the third-party model, an outside company purchases and holds the actual shares one-for-one through a registered broker-dealer, then creates tokens meant to carry the same dividend and voting rights as the original shares.

How OKXICE TSV is set up

The venue plans to run 24 hours a day, seven days a week, using Uniswap v4 liquidity pools on OKX's XLayer blockchain. Trades would be settled in stablecoins — cryptocurrencies designed to maintain a steady value, typically pegged to the U.S. dollar, such as USDC and USDT.

OKXICE operates under the SEC's innovation exemption, a regulatory pathway the Securities and Exchange Commission introduced in September after the Clarity Act stalled in the Senate. The exemption allows venues to trade tokenized U.S. stocks without registering as traditional exchanges. The notice acknowledges that OKXICE is not subject to Regulation NMS or fair-access rules, which normally govern how trades are displayed and executed on major U.S. exchanges.

Nasdaq has already opted out

Nasdaq won SEC approval for its own tokenized securities pilot earlier but chose not to use the innovation exemption. A Nasdaq spokesperson told The Wall Street Journal the exchange does not want its stock trading on a venue that fails to show the best prices in real time or report trades to the consolidated tape — the centralized system that aggregates all U.S. equity trades.

The International Monetary Fund has also raised concerns, recently warning that tokenized stock markets remain volatile and illiquid despite signs of real demand.

Bitcoin price note

Bitcoin (BTC) was trading around $82,794, down 0.74% on the day, with a 24-hour range between $81,155 and $83,249.

What is confirmed

• Sixteen companies have objected to having their shares traded on OKXICE TSV.


• The seven new objectors are Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's, and Western Digital.


• The venue runs 24/7 on Uniswap v4 liquidity pools on OKX's XLayer blockchain, with settlements in stablecoins like USDC and USDT.


• OKXICE operates under the SEC's innovation exemption and is not subject to Regulation NMS or fair-access rules.


• Nasdaq has declined to use the exemption for its tokenized securities pilot.

What is still unclear

• Neither OKXICE notice explains why the objecting companies are raising objections.


• It is unclear whether an issuer's objection would actually keep its stock off the platform.

Why this matters

The rapid growth in objections suggests that major U.S. companies are wary of having their shares trade on a crypto-native platform that operates outside traditional exchange rules. The disagreement highlights the tension between the push to bring stock trading onto blockchains and the concerns from established financial institutions about regulation, price transparency, and investor protection.

Sources

• Decrypt

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