Sixteen companies have now objected to their stock being tokenized and traded on OKXICE, the joint venture between Intercontinental Exchange and cryptocurrency exchange OKX. That is up from a single objection when the venue filed the formal notice of its plans on October 4, and nine by October 15. The objections remove 17 of the original 63 symbols from the venue before it launches.
The venue plans to operate under the SEC’s tokenized securities venue (TSV) exemption, issued in September. Under the five year exemption, venues trading tokenized US stocks through permissioned automated market maker pools are not treated as exchanges or alternative trading systems, and Regulation NMS does not apply.
The first wave of objectors skewed toward AI infrastructure firms, including Cerebras, CoreWeave, Applied Digital and Broadcom, which is a sector that’s popular with crypto natives. The second wave brought blue chip names. Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s and Western Digital all filed objections between October 15 and 19. Notably silent are crypto native firms that will be listed on the venue, including Coinbase, Robinhood, Circle and Securitize. Traditional names such as JPMorgan, Walmart, Costco and Eli Lilly have not yet objected, but that may reflect processing time.
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