SpaceX joined several other issuers objecting to OKXICE tokenized trading, months after crypto platforms offered tokens tied to its shares.

Just months after tokenized versions of SpaceX shares became one of the biggest drivers of onchain stock trading, the aerospace company is pushing back against plans to bring similar trading to US investors.

According to a Nov. 2 public notice from OKXICE, SpaceX has objected to the proposed listing of tokenized versions of its shares on the trading venue, a joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE). The company now joins Tesla and Amazon among 56 companies objecting to the proposed listings.

Under the Securities and Exchange Commission’s five-year Innovation Exemption introduced in September, platforms such as OKXICE can offer trading in tokenized versions of US stocks without registering as national securities exchanges. But the framework also gives companies a say in the process: They have 30 days to object to the proposed trading of their shares tokenized by third parties, effectively keeping those tokens off the venue.

Tokenized stocks are blockchain-based representations of company shares that allow investors to gain exposure to traditional equities onchain, often around the clock. Depending on the structure, they can be backed by actual shares, although the rights granted to tokenholders may differ from those of traditional shareholders.

OKXICE co-chair and former New York Governor Andrew Cuomo told Cointelegraph on Oct. 20 that the venture expected more objections as companies avoided being the first to test the model.

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