Cisco (CSCO), Wells Fargo (WFC) and four other companies have opted out of plans by crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE) to offer blockchain-based trading of their shares, bringing the total objections to 22 as issuers weigh participation in the SEC’s new framework for tokenized stocks.
The companies, along with Arm Holdings (ARM), Moderna (MRNA), Intuit (INTU) and Marvell Technology (MRVL), were named in an updated public notice filed Friday by OKXICE, the two firms’ joint venture.
The additions extend a list that already included some of the world’s largest publicly traded companies, such as Microsoft ·, Alphabet (GOOG, GOOGL), Goldman Sachs (GS) and McDonald’s and said no to the venue’s plan in recent weeks.
The growing number of objections signals a hurdle for a new market structure that would let U.S. investors trade stocks around the clock on blockchains. The SEC’s five-year “Innovation Exemption” allows qualifying tokenized securities venues, or TSVs, to test trading through automated market makers — software that executes trades using pools of assets — while giving issuers a say in whether their shares participate.
OKXICE, backed by one of the world's biggest exchange operators, issued its initial public notice on Oct. 4, outlining plans to use Uniswap (UNI) liquidity pools on OKX’s XLayer blockchain, with transactions settled in stablecoins. Venues must notify issuers and give them 30 days to object before offering tokenized versions of their shares.
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