Microsoft, Alphabet, Goldman Sachs, and several other major companies have joined the growing list of firms objecting to the trading of their shares on OKXICE TSV, according to an updated notice from the platform. The latest objection brings the total number of objecting issuers to 16, up from nine just four days earlier. The notice does not specify the reasons behind these objections.
OKXICE TSV is a planned tokenized stock venue developed by OKX and Intercontinental Exchange (ICE), the owner of the NYSE. The platform aims to offer stocks tokenized by either third parties or the issuers themselves, a shift from the initial plan that only included third-party tokenization. Under the third-party model, an outside tokenizer buys and holds real shares, then issues tokens representing those shares.
The venue is set to operate 24/7 using Uniswap v4 liquidity pools on OKX’s XLayer blockchain, with trades settled in stablecoins like USDC and USDT. OKXICE will operate under the SEC’s innovation exemption, which allows tokenized U.S. stocks to be traded without registering as exchanges. However, the platform will not be subject to Regulation NMS or fair-access rules.
Nasdaq, which has received SEC approval for its own tokenized securities pilot, has opted its shares out of the exemption. A Nasdaq spokesperson previously stated that it does not want its stock trading on a venue that does not show the best prices in real time or report trades to the consolidated tape. The IMF has also warned about the volatility and illiquidity of tokenized stock markets despite real demand.