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Intel, IBM, Oracle and IonQ object to tokenized listings of their stocks on OKXICE
The four are the latest to opt out of the OKX and Intercontinental Exchange venture, and the rules of the objection process favor speaking up.
This article is general information, not financial, investment or insurance advice. Check the details with a qualified adviser before you decide.
The latest objections
Intel, IBM, Oracle and IonQ were the most recent companies to object to having their US stocks listed in tokenized form on OKXICE. [1] The objections matter to companies with US listings, because many of those opting out have them on Nasdaq and the New York Stock Exchange. [1]
Cerebras Systems, Arm Holdings and Wells Fargo have also objected, and they were absent from the original selection. [2]
Andrew Cuomo, the former New York governor and co-chair of the tokenization venture, said it was a very natural response for some companies to object. [1] He expected more names to be added. [1]
What OKXICE is
OKXICE is a proposed exchange for tokenized stocks, put forward by OKX and Intercontinental Exchange (ICE), the parent company of the NYSE. [1] The planned platform is a 50-50 joint venture between ICE and OKX's U.S. holding company. [3]
Under the SEC exemption, Tokenized Securities Venues can offer limited trading for tokenized NMS stocks. [1]
How trading would work
OKXICE TSV plans to let approved users trade tokenized US stocks 24/7 through permissioned Uniswap v4 pools on OKX's XLayer blockchain, paired with stablecoins such as USDC. [3]
Users must pass identity and sanctions checks and hold a nontransferable soulbound token to trade. [3] Trades must be fully funded, with no margin or borrowing. [3]
Why companies choose to object
Cuomo, OKXICE's co-chairman, said many companies would rather wait and see how it goes than be the first to participate. [2]
The incentives in the process point the same way. Objecting costs nothing, while staying silent allows trading to begin without a mechanism to withdraw that consent later. [2]
The wider push into tokenized assets
Nasdaq invested $100 million in Kraken parent Payward in September as part of its push into tokenized assets. [1]
What this means for you
If you are a company with US-listed stock, objecting costs nothing, while staying silent allows trading to begin without a mechanism to withdraw that consent later. [2]
If you want to trade on the venue, you must pass identity and sanctions checks and hold a nontransferable soulbound token. [3] Your trades must be fully funded, with no margin or borrowing. [3]
If you plan to hold tokenized shares in a self-custodied wallet, the notice says it is uncertain whether SIPC would protect them if the tokenizer's broker-dealer failed. [3]
Sources
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