OKXICE Aims to Revolutionize U.S. Stock Trading With SEC Innovation Exemption Filing

OKXICE LLC, a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), has filed with the SEC under the agency’s new Innovation Exemption. The move aims to launch a Tokenised Securities Venue in the United States, positioning OKXICE among the first firms to seek approval under this new regulatory framework. The exemption was introduced after crypto legislation backed by President Trump failed to advance in the Senate, clearing the way for blockchain-based securities to trade under specific conditions.

The initial lineup targets tokenised shares of 63 NYSE-listed companies, with issuers given 30 days to opt out before trading begins. The platform is designed for 24/7 trading and faster on-chain settlement, preserving dividend and voting rights. Former New York Governor Andrew Cuomo, co-chair of OKXICE, described the filing as a landmark step toward a global, round-the-clock Wall Street.

The competitive landscape is shifting, with global exchanges like NYSE, Nasdaq, and the London Stock Exchange preparing to launch round-the-clock trading. The SEC’s Innovation Exemption has sparked competition, with different models vying for market share. OKXICE, backed by ICE, is uniquely positioned in this race, offering a direct partnership with NYSE’s parent company.

Traditional exchanges face a structural challenge as crypto venues offer 24/7 access to U.S. equities with on-chain settlement. This reframes the concept of an exchange, with first movers gaining a significant advantage in a market that traditional finance is only beginning to enter.