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OKXICE sees 33 companies object to tokenized stock trading plan, including JPMorgan, Coca-Cola, Dell
JPMorgan Chase, Coca-Cola, and Dell Technologies among firms objecting to OKX-ICE tokenized stock trading.
Thirty of the sixty-two entities initially proposed for trading have opted out, constituting approximately 48% of the original group.
The joint venture, OKXICE, intends to facilitate round-the-clock trading settled using stablecoins, operating under the SEC’s five-year “Innovation Exemption.”
The inclusion of Applied Materials, Adobe, Dell Technologies, and Sandisk in an updated public notice on Tuesday, Oct. 27, increased disclosed objections to 33, up from 26 noted in Monday’s filing.
The seven newly disclosed objectors were all part of the initial 62 companies proposed for trading, bringing total objections from that roster to 30, or about 48%, according to CoinDesk’s count.
The growing list of dissent highlights issuers' reservations regarding the emerging market structure established under the SEC’s “Innovation Exemption.”
OKXICE initially detailed its plans on Oct. 4, outlining round-the-clock trading via Uniswap v4 liquidity pools on OKX’s XLayer blockchain, with transactions settled in stablecoins.
OKXICE co-chairman Andrew Cuomo stated previously that many corporations anticipated observing market evolution before participating, characterizing the SEC’s limited experiment as “a sandbox—a model demonstration.”
This trend reflects the cautious posture among market participants as new structures emerge within the regulatory framework allowing venues to test blockchain-based stock trading.
Why it matters
The growing list of issuer objections signals significant caution regarding the emerging market structure for tokenized stocks. This highlights the regulatory uncertainty surrounding how these blockchain-based trading venues will operate under the SEC's current framework. Investors should watch how these major corporate players react to the ongoing testing of this new market structure.
