JPMorgan, Coca-Cola, Dell among firms opting out of OKX-ICE tokenized stock venue
JPMorgan, Coca-Cola and Dell join firms rejecting the plan
JPMorgan Chase, Coca-Cola and Dell Technologies have told OKX-ICE they do not want their shares traded on its planned blockchain-based stock venue. JPMorgan, Coca-Cola, Dell Technologies, Applied Materials, Adobe, Dell and Sandisk appeared in an updated public notice dated Tuesday, Oct. 27, from OKXICE, the joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange (ICE).
The seven additions bring the total number of disclosed objections to 33, up from 26 in Monday's notice. Of the 62 companies originally proposed for trading, 30 have opted out, about 48% of the initial roster, according to CoinDesk's tally. Some objectors, including Wells Fargo, Arm and Cerebras, were not listed in that filing.
What the notice says
OKXICE's original notice on Oct. 4 set out plans for round-the-clock trading through Uniswap v4 liquidity pools on OKX's XLayer blockchain, with transactions settled in stablecoins. The venue would run under the SEC's five-year Innovation Exemption, which lets qualifying platforms trade tokenized stocks using automated market makers. Companies have 30 days after notification to object to being included.
OKXICE co-chair Andrew Cuomo has said many companies were expected to wait and see how the market develops before taking part, describing the SEC's limited experiment as a sandbox, or a model demonstration.
Why issuers are holding back
The objections highlight issuer caution about a new market structure forming under the Innovation Exemption. The framework gives trading venues room to test blockchain-based stock trading, but companies are still weighing how such markets would operate and whether they would gain from them, experts told CoinDesk earlier.
What is confirmed
- 33 companies have publicly objected to trading on OKX-ICE's platform, per CoinDesk's tally.
- 30 of the 62 originally proposed issuers have opted out, about 48%. JPMorgan, Coca-Cola, Dell and four others were among the latest to object.
- The plan calls for 24/7 tokenized stock trading via Uniswap v4 pools on XLayer, settled in stablecoins, under the SEC's five-year Innovation Exemption.
What remains unclear
It is unclear how many of the original 62 issuers ultimately will participate, and whether the venue will move forward with a smaller roster. Some objectors were not named in the Oct. 27 filing, and the source does not explain why each company opted out.
Why this matters
Tokenization means converting ownership of real-world assets, such as company shares, into digital records on a blockchain. Stablecoins are digital currencies pegged to stable assets like the US dollar, used here for settlement. If major companies refuse to list, a new tokenized stock market may face early hurdles in liquidity and credibility.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.