OKX Seeks SEC Approval for 63 Tokenized US Stocks
OKX, a major cryptocurrency exchange, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a platform for trading tokenized shares of 63 NYSE-listed companies. This move marks a significant step towards bringing traditional stocks on-chain and bridging the gap between traditional finance (TradFi) and the cryptocurrency space. The platform, OKXICE, is a joint venture between OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
The OKXICE platform will initially cover tokenized shares of 63 NYSE-listed companies, although the specific names of these companies have not been disclosed. The venture was formed in June, following a partnership between OKX and ICE, and is co-chaired by former New York Governor Andrew Cuomo and ICE executive Trabue Bland.
The SEC's Innovation Exemption for Tokenized Securities Venues, issued on September 17, provides a framework for qualifying venues to trade tokenized National Market System stocks through permissioned automated market makers and liquidity pools. Under this exemption, tokenized shares must preserve real shareholder rights, and the platform must meet certain operational conditions, including the use of public and auditable smart contracts.
OKXICE still faces several steps before trading can begin, including meeting the SEC's remaining operational conditions and obtaining U.S. broker-dealer and futures commission merchant status. The platform's earlier plans include operating as a U.S.-registered broker-dealer and futures commission merchant, subject to regulatory approval.