OKXICE Faces Tokenized Stock Objections From 16 Companies

Microsoft, Alphabet and Goldman Sachs are among seven more companies objecting to tokenized versions of their shares trading on OKXICE’s planned venue, bringing the number of objecting issuers to 16.

Qualcomm, Caterpillar, McDonald’s and Western Digital complete the new group. The nine issuers previously identified included Verizon Communications Inc., Broadcom Inc. and UnitedHealth Group Incorporated.

The SEC’s temporary framework gives an issuer 30 calendar days after receiving notice to object to trading on a venue when an unaffiliated third party creates tokens representing its stock. A timely objection prevents that venue from offering those tokens. It does not, by itself, bar tokenized versions of the shares from other venues.

OKXICE is a venture between OKX and Intercontinental Exchange, the parent of the New York Stock Exchange. It plans to pair stock tokens with stablecoins in permissioned liquidity pools on XLayer.

Nasdaq, which is separate from the 16 OKXICE objectors, plans to opt its own shares out of tokenized securities venues. It has raised concerns about price discovery and timely market data outside the national market system.