Microsoft, Alphabet and Goldman Sachs Join Objections to OKX-ICE Tokenized Stock Venue
Seven more companies object to tokenized share listings
Microsoft, Alphabet and Goldman Sachs have objected to having tokenized versions of their shares traded on OKX-ICE, a planned stock-trading venue from crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
They are among seven additional objecting companies listed in the joint venture's updated public notice dated Oct. 19. Qualcomm, Caterpillar, McDonald's and Western Digital also joined the list.
The additions bring the disclosed total to 16 companies, up from nine in the previous week's notice. The document does not explain the companies' reasons or say when they submitted their objections.
Key numbers and names
- 16 companies have now disclosed objections, up from nine in the prior notice.
- The new objectors are Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's and Western Digital.
- Earlier objectors included Broadcom, Verizon, UnitedHealth, CoreWeave, AppLovin, Applied Digital, Rocket Lab and Applied Optoelectronics, plus Cerebras Systems.
- OKX-ICE's original notice listed 63 tickers representing 62 companies, with Alphabet appearing through both of its share classes.
- Fifteen companies from that original roster have objected, leaving 47 without a disclosed objection.
- Cerebras Systems, the other objecting issuer, was not part of the original proposed trading roster.
What the OKX-ICE public notice shows
The updated notice is the venue's own public document. It lists the companies that have opted out of being included. It does not give reasons for the objections or dates for when they were filed.
How the SEC framework works
OKX-ICE announced its plans on Oct. 5 and is seeking to operate under the SEC's five-year "Innovation Exemption." The SEC unveiled its framework for tokenized stock trading last month.
Tokenized stocks are blockchain-based versions of company shares. Under the framework, qualifying venues can trade tokenized U.S. stocks through automated market makers and liquidity pools, which are systems that set prices and match trades automatically. Issuers are given the chance to object.
OKX-ICE has said it plans to offer round-the-clock, stablecoin-settled trading. Stablecoins are cryptocurrencies designed to hold a steady value. The tokens would be backed one-for-one by shares and carry equivalent dividend and voting rights, according to the plans.
What is confirmed
- An updated OKX-ICE public notice dated Oct. 19 lists 16 objecting companies.
- Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's and Western Digital are the newest additions.
- The SEC's tokenized stock framework lets issuers block venues from offering blockchain-based versions of their shares.
- OKX-ICE announced its plans on Oct. 5 and seeks to operate under the SEC's five-year Innovation Exemption.
What is still unclear
The notice does not explain why the companies objected. It also does not say when they submitted their objections. The source material does not show how the SEC or OKX-ICE will respond, or what the objections mean for the venue's plans.
Why this matters
The growing list of objecting companies points to a hurdle for the SEC's new framework for tokenized stock trading. The framework lets issuers opt out of having their shares offered in token form on qualifying venues, and a large share of the original proposed roster has now done so.
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.