OKX and ICE Seek SEC Approval for Tokenized Stock Trading Exchange

OKXICE LLC, a joint venture between cryptocurrency exchange OKX and NYSE parent company ICE, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a tokenized stock trading exchange. The filing, submitted on October 4, positions OKX as one of the first crypto exchanges aiming to offer tokenized U.S. stocks through a regulated platform under the SEC's temporary Innovation Exemption.

The venture seeks approval to trade tokenized shares of 63 NYSE-listed companies. These companies have a 30-day window to opt out before trading can commence, meaning the launch remains contingent on this notice period and other regulatory requirements. OKX’s blockchain infrastructure will be integrated with ICE’s market technology, building on their existing partnership established when ICE acquired a stake in OKX in March at a $25 billion valuation.

Under the SEC’s framework, tokenized shares must replicate the same shareholder rights as the underlying securities, including dividends and voting rights. Smart contracts must be auditable and run on public, permissionless blockchains, with trading halting if the underlying stock is suspended on its primary exchange. The SEC’s temporary exemption, introduced in September, allows certain tokenized securities venues to facilitate secondary trading of tokenized U.S. stocks.

OKX’s move follows Coinbase’s announcement in June to offer tokenized stocks to customers outside the U.S., backed 1:1 by the underlying assets. This filing marks another step in the growing race to combine traditional stock trading with blockchain technology, potentially enabling around-the-clock trading of U.S.-listed stocks under SEC conditions.