IBM, Oracle, Intel and IonQ have opted out of plans by crypto exchange OKX and NYSE parent Intercontinental Exchange (ICE) to offer blockchain-based trading of their shares, bringing the total number of issuer objections to 26.

The four companies were named in an updated public notice dated Monday, Oct. 26, from OKXICE, the two firms’ joint venture. They join earlier objectors including Microsoft, Alphabet, Goldman Sachs, Cisco and Wells Fargo.

The growing list underscores a hurdle for OKXICE and the SEC’s new framework for tokenized stock trading: building a market that issuers are willing to join. The agency’s five-year “Innovation Exemption” gives qualifying venues room to test round-the-clock blockchain-based trading of stocks, and it also gives public companies an option to block their shares from being offered.

OKXICE issued its initial public notice on Oct. 4, outlining plans to use Uniswap v4 liquidity pools on OKX’s XLayer blockchain, with transactions settled in stablecoins. The venue would use automated market makers — software that executes trades through pools of assets rather than matching buyers and sellers through a conventional order book.

Under the framework, venues must notify issuers and give them 30 days to object before offering tokenized versions of their shares.

All four newly disclosed objectors were among the 62 companies in OKXICE’s original proposed roster . That brings objections from the original selection to 23, or about 37%, according to a CoinDesk tally. The overall count also includes Cerebras Systems, Arm Holdings and Wells Fargo, which were absent from that from the original selection.

Source link