Bitcoin Magazine
Nvidia, Nike Join 50 Companies Blocking OKX–ICE Stock Token Push
Fifty public companies have now objected to having their shares tokenized on OKXICE, the joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE), as the venue’s first 30-day notice window closes Tuesday.
The venue’s Oct. 30 notice added 12 objectors, including Nvidia, Costco, Nike, Micron and Reddit. They join Microsoft, Alphabet, JPMorgan Chase, Goldman Sachs, Walmart, Broadcom, Verizon and Intel, among others. Of the 62 companies OKXICE initially proposed to tokenize, 43, or about 69%, have objected, according to a CoinDesk tally.
The list has grown fast: nine objectors on Oct. 15, 16 on Oct. 19, 38 on Oct. 28 and 50 two days later.
The objections stem from the SEC’s five-year “Innovation Exemption,” issued Sept. 17, which lets tokenized securities venues (TSVs) trade blockchain versions of U.S. stocks through automated market makers without registering as exchanges. When an unaffiliated third party tokenizes a company’s stock, the venue must notify the issuer, which then has 30 days to object in writing. Silence counts as consent, and the order offers no way to object after the window closes.
OKXICE plans 24/7 trading of tokens backed one-for-one by shares, paired against stablecoins such as USDC in permissioned pools on OKX’s X Layer blockchain.
The objecting companies have not given reasons. JPMorgan said it remains encouraged by tokenization but wants to be thoughtful about how its shares are represented and traded. “Given how easy the opt-out is, the list of objectors is likely to keep growing,” Olivia Vande Woude, head of tokenization at Ava Labs, said .
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