OKX and ICE File for 24/7 Tokenized US Stock Trading Under SEC Exemption
OKXICE LLC, a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), has filed a notice with the U.S. Securities and Exchange Commission (SEC) to launch a 24/7 tokenized securities trading platform. The filing, submitted under the SEC's Innovation Exemption, proposes trading for 63 U.S.-listed stocks, including Nvidia, Tesla, Apple, and Coinbase, paired with stablecoins USDC, USDG, or USDT. The platform would operate on permissioned Uniswap v4 liquidity pools on XLayer, OKX's layer-2 network. Issuers have 30 days to object, with chipmaker Cerebras Systems already doing so.
The proposed venue would run continuously, leveraging blockchain-based shares without the need for traditional order books. Only wallets with a non-transferable soulbound token, issued after identity and compliance checks, could participate. Prices would be determined solely by the liquidity pools, with potential divergences from underlying stock prices, especially outside regular exchange hours. The tokens would be issued by an unnamed third party, ensuring holders receive the same dividends and voting rights as traditional shareholders.
OKXICE still needs to secure broker-dealer and futures commission merchant registrations before launching. The SEC's Innovation Exemption, introduced on September 17, allows qualifying venues to trade tokenized stocks for five years without registering as exchanges. The exemption is part of a broader shift toward digital finance, with global exchanges like NYSE and Nasdaq also preparing for 24/7 trading systems. Andrew Cuomo, co-chair of OKXICE, described the filing as a 'landmark step toward a truly global, 24/7 Wall Street.'
The move comes as Blockchain.com and NYSE have also partnered on tokenized securities, highlighting Wall Street's rapid adoption of on-chain equity trading. The exemption remains available until September 17, 2031, providing regulators time to evaluate the market structure implications of tokenized stock trading.