OKX and ICE Seek SEC Approval for Tokenized NYSE Stocks
OKXICE LLC, a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange (ICE), the parent company of the NYSE, filed a proposal with the US Securities and Exchange Commission (SEC) on October 4. The goal is to launch a regulated exchange for tokenized stocks tied to NYSE-listed companies.
The filing aims to offer tokenized shares of 63 NYSE-listed companies. However, the launch depends on these companies not opting out within a 30-day notice period and other regulatory requirements.
OKX’s blockchain technology will integrate with ICE’s market infrastructure. This collaboration follows ICE’s investment in OKX in March, which valued the exchange at $25 billion. The two companies have previously agreed to work on US-regulated crypto futures.
The SEC’s temporary Innovation Exemption, introduced in September, permits tokenized securities venues to facilitate secondary trading of tokenized US stocks. Key conditions include ensuring tokenized shares carry the same rights as the underlying securities, using auditable smart contracts on public blockchains, and halting trading if the underlying stock is suspended.
OKX is not alone in this space. Coinbase announced in June plans to offer tokenized stocks outside the US, with shares backed 1:1 by underlying assets. The SEC’s exemption comes after delays in legislative progress around the CLARITY Act.
This filing marks a significant step for OKX and ICE, combining traditional exchange infrastructure with blockchain technology. If approved, it could enable 24/7 trading of US-listed stocks, subject to SEC conditions.