TLDR
- IBM, Oracle, Intel, and IonQ have formally objected to OKXICE’s proposed tokenized stock trading.
- OKXICE now lists 26 corporate objections, up from 22 on October 23.
- The SEC’s five-year Innovation Exemption gives companies 30 days to reject third-party tokenized stock listings.
- Approximately 37% of the companies on OKXICE’s original roster have objected to the trading plan.
- The venture plans to offer 24-hour blockchain-based stock trading through Uniswap v4 pools.
IBM, Oracle, Intel, and IonQ have rejected plans to include their shares in the OKX–ICE tokenized stock trading service. Their objections bring the total to 26, according to an October 26 OKXICE notice. The venture combines crypto exchange OKX and New York Stock Exchange owner Intercontinental Exchange.
They join Microsoft, Alphabet, Goldman Sachs and Wells Fargo on the objection list. OKXICE has not disclosed why individual companies objected. The platform has no launch date.
OKX–ICE Tokenized Stock Objections Reach 26
The number of objections rose from nine on October 15 to 16 on October 19 and 22 on October 23. The latest notice adds IBM, Oracle, Intel, and quantum computing company IonQ.
An earlier report on objections covered the previous increase. Of the 62 companies on OKXICE’s original list, 23 have objected, or about 37%. Three other objectors were not on that initial list.
SEC Rules Allow Issuers to Refuse Trading
The Securities and Exchange Commission issued a five-year Innovation Exemption in September. It allows qualifying platforms to test blockchain-based trading of listed stocks without meeting certain requirements placed on conventional exchanges.
Platforms must notify companies before listing third-party tokens tied to their shares. Issuers then have 30 calendar days to file a written objection. An objection blocks those tokens on that platform under the exemption; it does not prevent the company from pursuing tokenization elsewhere.
How OKXICE Plans to Trade Shares
OKXICE plans round-the-clock trading through Uniswap v4 pools on OKX’s XLayer blockchain. It enters a market where BNB Chain’s tokenized-stock trading volume reached $25.6 billion in the third quarter, according to Blockworks data.
On OKXICE, approved users would trade stock-backed tokens against stablecoins, rather than send orders through a standard exchange book. The venue says stock tokens would carry related rights, including dividends and votes.
Companies Weigh New Trading Model
OKXICE co-chair Andrew Cuomo, a former New York governor, said last week that some companies preferred to “wait and see how it goes rather than be the first to participate.” His comments came as more issuers filed objections.
Other firms continue developing blockchain-based investments. Ondo’s planned private-market note subscriptions are scheduled to open in November, although that offering differs from trading tokenized shares of listed companies. The OKXICE notice also warns that protections for tokens held in personal wallets remain uncertain if a broker fails.
