OKX Files with SEC for Tokenized Stocks Platform
OKX has filed a notice with the U.S. Securities and Exchange Commission (SEC) to launch a platform offering tokenized shares of 63 NYSE-listed companies. The platform, OKXICE, is a joint venture between OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
According to the filing, the platform will be initially launched with shares of 63 companies listed on the NYSE. The company's plans are subject to regulatory approval, and the SEC's Innovation Exemption framework will be used to govern the platform's operations.
The SEC's framework requires that tokenized shares must give their holders the same rights and privileges as conventional shares, including voting rights and claims on residual assets during liquidation. Additionally, tokenized shares must be made available on a public, permissionless distributed ledger, and transaction information must be freely available in machine-readable form.
OKXICE must meet the SEC's operational conditions, including maintaining 30 days of transaction data and updating it within 10 minutes after trades occur. The platform's smart contracts must be public and auditable, and trading must be halted whenever trading in the conventional stock is halted on its primary exchange.
The SEC's Innovation Exemption remains temporary and is scheduled to expire five years after publication while the commission considers whether permanent rules should replace or modify the framework.