Twenty-two major companies, including Microsoft, Alphabet, and Goldman Sachs, have voiced opposition to plans for trading tokenized versions of their shares on a new platform developed by OKX and Intercontinental Exchange (ICE). The platform, known as OKXICE, aims to offer blockchain-based representations of U.S. equities, enabling 24/7 trading and stablecoin settlements. However, corporate resistance has surged, with the number of objecting firms rising from nine on October 15 to 22 by October 23. The latest additions include Wells Fargo, Arm Holdings, and Intuit.
The objections come after the U.S. Securities and Exchange Commission (SEC) introduced a regulatory change on September 17, allowing companies to block third-party tokenized listings. Under this framework, companies have 30 days to object after receiving notification. The rule does not prevent firms from pursuing their own tokenization initiatives but restricts unaffiliated third-party tokens.
OKXICE's proposed model involves holding traditional shares through regulated intermediaries while issuing corresponding blockchain tokens. The platform plans to use Uniswap v4 liquidity pools on OKX's XLayer network for trading. Despite the growing opposition, major financial institutions like Morgan Stanley continue to invest in blockchain-based securities, highlighting the market's potential.
Andrew Cuomo, co-chair of OKXICE, described corporate hesitation as an expected response to an unfamiliar market structure. He suggested that companies may prefer to observe early developments before participating. The dispute raises critical questions about the future of tokenized stock trading and the balance between corporate control and blockchain innovation.