Microsoft, Alphabet and Goldman Sachs Lift OKXICE Objections to 16

Microsoft, Alphabet and Goldman Sachs have joined the companies objecting to tokenized trading of their shares on OKXICE, raising the planned venue's disclosed objection count to 16.

OKXICE's Oct. 19 public notice added seven companies to the nine listed on Oct. 15. Qualcomm, Caterpillar, McDonald's and Western Digital are the other newcomers. The notice gives no reasons for the objections and does not say when the companies submitted them.

Under the SEC's September exemption for tokenized stocks, a company can object after a platform notifies it of plans to trade a tokenized version of its shares. A timely objection prevents the venue that sent the notice from trading a tokenized version of that stock. It does not block other platforms. Companies have 30 calendar days after receiving notice to object.

OKXICE is a venture between crypto exchange OKX and Intercontinental Exchange, the parent of the New York Stock Exchange. Its planned market would pair tokens backed by shares with stablecoins in trading pools. The plan calls for one underlying share per token and gives token holders dividend and voting rights.