Microsoft, Alphabet and Goldman Sachs have objected to tokenized versions of their shares trading on OKXICE, the planned venue from OKX and Intercontinental Exchange. The disclosed objection count now stands at 16 issuers, a hurdle for the SEC's tokenized-stock framework.
Microsoft, Alphabet and Goldman Sachs have objected to having tokenized versions of their shares traded on OKXICE. The venue is a joint project of crypto exchange OKX and Intercontinental Exchange (ICE), the parent of the New York Stock Exchange.
Seven more issuers opt out
The three companies appear among seven additional objectors in the venture's updated public notice dated Oct. 19. Qualcomm, Caterpillar, McDonald's and Western Digital also joined the list.
Those additions bring the tally to 16 companies, up from nine in last week's notice. The document does not explain the objectors' reasons or say when they submitted their objections.
Previous objectors included Broadcom, Verizon, UnitedHealth, CoreWeave, AppLovin, Applied Digital, Rocket Lab and Applied Optoelectronics.
What the objections mean for the SEC framework
The growing list highlights a hurdle for the SEC's new framework for tokenized stock trading, which the agency unveiled last month. The framework gives issuers an opportunity to object.
OKXICE's original notice identified 63 tickers representing 62 companies, with Alphabet appearing through both share classes. Fifteen of those companies have now objected, leaving 47 without a disclosed objection. Cerebras Systems, the other objecting issuer, was outside the original proposed trading roster.
OKXICE's plan under the Innovation Exemption
OKXICE announced its plans on Oct. 5, seeking to operate under the SEC's five-year "Innovation Exemption." The framework allows qualifying venues to trade tokenized U.S. stocks through automated market makers and liquidity pools.
The venue plans to offer round-the-clock trading settled in stablecoins. The tokens would be backed one-for-one by shares and carry equivalent dividend and voting rights.
Source: CoinDesk
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