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Microsoft, McDonald’s, Verizon, and Others Tell Crypto Platform Not to Tokenize Their Stocks

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Microsoft, McDonald’s, Verizon, and Others Tell Crypto Platform Not to Tokenize Their Stocks

Both crypto startups and more traditional financial institutions have spent the past year promoting tokenized stocks as the next major use case of blockchain technology. But many publicly traded companies aren’t interested in the sales pitch. Microsoft, Alphabet, McDonald’s, Goldman Sachs, and Wells Fargo are some of the latest companies to reject plans for tokenized versions of their shares, joining previous objections from Verizon and others.

Last month, AMC Entertainment CEO Adam Aron also publicly clashed with Robinhood over the fintech firm’s decision to tokenize the theater chain’s stock without permission, calling the practice “contemptible, outrageous, disgusting, detestable, inexcusable, vile.”

According to Reuters, at least 22 companies have formally objected to stock tokenization plans by OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange (the parent of the New York Stock Exchange). Microsoft and Alphabet joined Goldman Sachs, Caterpillar, McDonald’s, Qualcomm, and Western Digital in a new batch of objections disclosed on the 19th, according to Fortune. Later in the week, Reuters reported six additional objections, including Intuit and Wells Fargo. These latest reports followed nine earlier objections from CoreWeave, Verizon, Applied Optoelectronics, Broadcom, UnitedHealth Group, and others.

S. Securities and Exchange Commission (SEC). Cuomo downplayed the objections in a written statement to Fortune. “We always anticipated that, because this is such a dramatic and revolutionary change, many companies would want to wait and see how it goes rather than be the first to participate,” he said.



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