Robinhood told CoinDesk it did not object to its shares being listed on the OKX–ICE tokenized stock venue, while about 90% of the companies initially proposed have objected. The venture would operate under the SEC's five-year innovation exemption.
Robinhood won't stand in the way of plans by crypto exchange OKX and NYSE parent Intercontinental Exchange (ICE) to trade tokenized versions of its shares. A spokesperson confirmed to CoinDesk that the brokerage did not object to inclusion on OKXICE, making it the third company known to have taken that position, alongside Securitize and BitGo.
According to the spokesperson: "We would rather be part of building it than sit on the sidelines."
Most proposed companies have objected
Of the 62 companies originally proposed for trading, 56 — about 90% — have objected, according to a CoinDesk tally based on the venture's latest public notice dated Nov. 5. Pushback came from firms including Apple, Meta, Alphabet, Nvidia, Goldman Sachs and JPMorgan.
The six companies without a disclosed objection all have deep ties to crypto: Robinhood, Securitize, BitGo, Circle, Coinbase and Strategy. A Circle spokesperson declined to comment on whether the company has objected, and Coinbase and Strategy did not respond to requests for comment.
How the SEC exemption works
The venue would operate under the SEC's five-year innovation exemption, which allows qualifying platforms to trade tokenized stocks through automated market makers. These use pools of assets rather than matching buyers and sellers through an order book. Venues must notify issuers of planned listings, and issuers have 30 days to reject.
For companies notified on Oct. 4, the objection period ended Nov. 3. The list may still change, however: OKXICE has five business days to disclose an objection, so one received on Nov. 3 might appear as late as Nov. 10.
Robinhood's own tokens differ
Robinhood's position follows a September dispute with AMC Entertainment. CEO Adam Aron threatened legal action over the brokerage's tokens linked to AMC shares, and Robinhood CEO Vlad Tenev argued that issuers should not have veto rights over such offerings.
Robinhood Stock Tokens differ from the shares OKXICE plans to offer. They give exposure to stock prices without shareholder rights, while the SEC's framework requires tokens on qualifying venues to carry the same rights as the underlying shares, including dividends and voting rights. OKXICE has yet to disclose a launch date.
Source: CoinDesk
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