The joint venture planned to offer tokenized shares from 62 companies, putting the latest objections at 81% of its original issuer list.
Fifty companies have now objected to having their shares tokenized through OKX and ICE’s proposed tokenized stock trading platform, with Nike, Costco, Micron, Reddit and Nvidia among the latest additions. The venture originally planned to offer tokenized shares from 62 companies.
OKX and ICE, the owner of the New York Stock Exchange, are developing the platform through a 50-50 joint venture called OKXICE.
Its proposed Tokenized Securities Venue (TSV) would issue blockchain-based representations of US-listed shares, with each token backed one-for-one by an underlying share held through a registered broker-dealer. Token holders would retain shareholder rights, including dividends, voting rights and claims in liquidation.
Trading would take place 24/7 through permissioned Uniswap v4 liquidity pools on OKX’s X Layer blockchain. Rather than using a traditional brokerage order book, the venue would allow users to trade tokenized stocks against stablecoins such as USDC, USDT and USDG.
Participants would need approved wallets with identity verification and anti-money-laundering and sanctions screening credentials.
The joint venture submitted a filing to the US Securities and Exchange Commission last month to use the regulator’s Innovation Exemption.
The framework allows eligible platforms to trade tokenized US securities without registering as conventional national securities exchanges, provided they notify issuers before listing their shares. Issuers can prevent a listing by submitting an objection.
That requirement has complicated the venture’s plans, as 50 companies have now opposed having their shares tokenized on the platform.
Earlier objectors included Alphabet, Microsoft, Wells Fargo, Arm Holdings, Intuit, and JPMorgan Chase. OKXICE has not provided a confirmed launch date, leaving the proposed venue dependent on regulatory conditions and issuer responses.
