TLDR
- Intel, IBM, Oracle and IonQ have objected to having their stocks listed in tokenized form on the OKX-ICE exchange.
- The four additions bring total objections to 26, including Alphabet, Wells Fargo and Goldman Sachs.
- OKX-ICE first proposed 62 companies, and about 41% have now opted out.
- The plan follows the SEC’s temporary innovation exemption for tokenized US stocks.
- Co-chair Andrew Cuomo called the objections a “very natural response” and expects more.
Four more companies have objected to a proposed tokenized stock exchange run by crypto exchange OKX and Intercontinental Exchange (ICE). Intel, IBM, Oracle and IonQ were named in an update posted Monday, Oct. 26.
Wall Street is saying “NO” to MASS TOKENIZATION
26 companies worth ~$13.9 TRILLION have objected to tokenized versions of their shares trading on OKXICE.
The full list:
1. Alphabet $GOOGL: $4.13T
2. Microsoft $MSFT: $3.84T
3. Broadcom $AVGO: $1.6T
4. Intel $INTC: $540B
5.…— Coin Bureau (@coinbureau) October 27, 2026
The update brings the total number of objecting companies to 26. Earlier objectors include Microsoft, Alphabet, Goldman Sachs, Cisco and Wells Fargo.
What the Exchange Proposed
OKX-ICE is a joint venture between OKX and the parent company of the New York Stock Exchange. It issued its first public notice on Oct. 4. The notice listed 62 companies whose stocks could trade in tokenized form.
The plan calls for using Uniswap v4 liquidity pools on OKX’s XLayer blockchain. Trades would be settled in stablecoins. The venue would use automated market makers, which are programs that run trades through pools of assets instead of matching buyers and sellers in an order book.
The SEC Exemption
The proposal came a few weeks after the US Securities and Exchange Commission (SEC) approved temporary innovation exemptions for tokenized US stocks. The five-year exemption lets qualifying venues test round-the-clock blockchain-based trading of stocks.
Under the rules, venues must notify companies first. Companies then have 30 days to object before their shares can be offered in tokenized form.
How Many Companies Have Opted Out
All four new objectors were on the original list of 62 companies. That brings objections from the original group to 23, or about 37%, according to a CoinDesk count.
The overall total of 26 also includes Cerebras Systems, Arm Holdings and Wells Fargo. Those three were not on the original list. Counting all 26 objections against the 62 proposed companies, about 41% have opted out.
Why Companies May Be Saying No
Industry experts told CoinDesk’s Tokenization Weekly that the rules lean toward opting out. Objecting costs nothing. Staying silent lets trading begin, with no way to withdraw consent later.
Legal and investor relations teams are also still learning about the arrangements. Saying no gives them more time to study them.
The financial benefit is unclear as well. TD Securities analyst Reid Noch said tokenization could bring added demand, especially from overseas investors. He noted that this may not offset concerns about thin, round-the-clock trading outside the usual market structure.
Exchanges Weigh In
Many of the objecting companies have listings on Nasdaq and the New York Stock Exchange. In September, Nasdaq released guidance for companies considering the exemption. It said issuers should be “cautious” about taking part.
Nasdaq has its own push into tokenized assets. It invested $100 million in Kraken parent Payward in September.
What OKX-ICE Says
Andrew Cuomo, the former New York governor, is co-chair of the venture. He called it a “very natural response” for some companies to object. He said he expects more names to be added to the list.
Cuomo said last week that many companies would rather “wait and see how it goes rather than be the first to participate.” The latest notice came on Oct. 26, and the joint venture is preparing to test the SEC’s new framework.
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