Microsoft, Alphabet and Goldman Sachs object to OKX-ICE tokenized stock plan

More companies push back on the OKX-ICE tokenized stock plan

A growing number of companies are formally objecting to having tokenized versions of their shares listed on the stock platform proposed by crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.

The joint venture, called OKXICE, said in a notice updated Monday that it had received 16 notices of issuer objection. The companies named include Microsoft, Alphabet (Google's parent company) and Goldman Sachs. About 25% of the US-listed companies in the initial proposal are asking to opt out of the venture.

Andrew Cuomo, OKXICE co-chair and former New York Governor, said on Tuesday that the notices were "not objections," pointing to the US Securities and Exchange Commission (SEC) "opening up to a global 24/7 marketplace."

Key numbers

• 16 notices of issuer objection reported by OKXICE.


• 62 companies were included in the initial proposal filed with the SEC earlier this month.


• About 25% of those companies have issued objections.


• The platform would offer shares for more than 60 US-listed companies, according to Cuomo.

What OKXICE says the platform would look like

According to OKXICE, the proposed platform would run around the clock, 24 hours a day and 7 days a week. It would use permissioned Uniswap v4 liquidity pools — a type of trading pool where only approved participants can join — deployed on XLayer.

Each tokenized stock would be paired with one of three payment stablecoins. Stablecoins are cryptocurrencies designed to keep a steady value. The three named are Tether's USDt (USDT), Circle's USDC (USDC) and Global Dollar (USDG).

Cuomo's response to the notices

Cuomo told Cointelegraph that many companies simply want to watch how the model performs before joining. He compared it to companies standing on the side of a pool while letting others jump in and test the waters.

He added: "There are going to be a lot of companies that say 'we don't want to be the first, we wanna see how it goes' [...] that is 100% to be expected, and there will be more."

What is confirmed

OKXICE reported receiving 16 notices of issuer objection, including from Microsoft, Alphabet and Goldman Sachs, in a notice updated Monday. The objections did not include specific reasons. The proposal covers 62 US-listed companies, and about 25% have objected, according to OKXICE.

What is still unclear

The notices did not include specific reasons for the objections, so the companies' motivations have not been confirmed. One expert told Cointelegraph the notices could relate to companies "not knowing what happens to their price" on the proposed platform — this is an expert's view, not a confirmed explanation.

Why it matters

The dispute centers on whether public companies can control the trading of tokenized versions of their own shares. If the platform moves forward, it would let investors trade stock-linked tokens on a 24/7 market rather than only during traditional exchange hours. The objections show that a significant share of the companies involved are not ready to take part.

Sources

• Cointelegraph

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