--- title: "Microsoft, Alphabet and Goldman Sachs object as OKX-ICE tokenized-stock venue tests issuer silence" description: "Companies that say nothing within 30 days can have tokenized versions of their shares traded, and a growing list of big names has already objected." url: https://business-finance.skoop.news/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-st-422641/ published: 2026-10-25T07:33:27.280615-04:00 modified: 2026-10-25T07:33:27.280615-04:00 section: "Business & Finance" publisher: "skoop.news" language: en keywords: ["OKX-ICE", "Goldman Sachs", "Olivia Vande Woude of Ava Labs", "Securitize CEO Carlos Domingo", "Latham & Watkins", "National Market System", "York Stock Exchange", "Alphabet", "Microsoft", "SEC"] hashtags: ["#GoldmanSachs", "#OliviaVandeWoudeOfAvaLabs", "#SecuritizeCEOCarlosDomingo", "#Business", "#entrepreneur"] image: https://thumb.wikimedia.org/wikipedia/commons/thumb/f/fb/Microsoft_Atlanta.jpg/1280px-Microsoft_Atlanta.jpg?utm_source=commons.wikimedia.org&utm_campaign=imageinfo&utm_content=thumbnail --- # Microsoft, Alphabet and Goldman Sachs object as OKX-ICE tokenized-stock venue tests issuer silence > Companies that say nothing within 30 days can have tokenized versions of their shares traded, and a growing list of big names has already objected. Published 2026-10-25 · Business & Finance, [skoop.news](https://skoop.news/) ## In brief - An updated notice dated Monday added seven more objecting companies to the list for a new tokenized-stock venue, including Microsoft, Alphabet and Goldman Sachs [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). - The SEC exemption was unveiled in September after the Clarity Act stalled in the Senate [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). - A tokenized share is a digital token on a blockchain that stands in for one real share of a company, with a licensed broker holding the actual share [[3]](https://memeburn.com/tokenized-shares-objections/). ## Big names opt out An updated notice dated Monday added seven more objecting companies to the list for a new tokenized-stock venue, including Microsoft, Alphabet and Goldman Sachs [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). If you run or advise a listed company, the notice matters to you because silence lets trading begin [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). The seven newest objecting names are Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's and Western Digital [[3]](https://memeburn.com/tokenized-shares-objections/). Another account says Microsoft, Alphabet, Goldman Sachs, McDonald's and three others objected on Monday, and Wells Fargo, Cisco and four more firms objected on Friday [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). The first public notice, dated Oct. 15, listed nine objecting companies [[3]](https://memeburn.com/tokenized-shares-objections/). They included Verizon, Broadcom, UnitedHealth Group, CoreWeave and Rocket Lab [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). ## How the venue and the exemption work The SEC exemption was unveiled in September after the Clarity Act stalled in the Senate [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). It lets venues trade tokenized U.S. stocks without registering as exchanges [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). OKX and Intercontinental Exchange (ICE), which owns the New York Stock Exchange, are building the tokenized-stock venue [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). The venue plans to run 24/7 on Uniswap v4 liquidity pools on OKX's XLayer blockchain, with trades settled in stablecoins such as USDC and USDT [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). According to the notice, OKX-ICE is not subject to Regulation NMS or fair-access rules [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). Before trading a company's shares, a venue must notify the issuer and give the issuer 30 days to object [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). If the company stays silent, trading can begin [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). The 30-day objection window is estimated to close in early November [[3]](https://memeburn.com/tokenized-shares-objections/). ## What a tokenized share is A tokenized share is a digital token on a blockchain that stands in for one real share of a company, with a licensed broker holding the actual share [[3]](https://memeburn.com/tokenized-shares-objections/). Under the third-party model, an outside tokenizer buys and holds real shares one-for-one through a registered broker-dealer [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). It then issues tokens meant to carry the same dividend and voting rights [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). The Monday notice changed the offering model [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). The venue will offer stocks tokenized by either an outside party or the issuer itself, instead of only unaffiliated third parties [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). ## Why silence carries weight Latham & Watkins warned issuers that silence effectively becomes an irrevocable decision [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). The reason is that the SEC order provides no mechanism to object after the 30-day window or withdraw a prior non-objection once trading begins [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). Olivia Vande Woude of Ava Labs said the list of objectors is likely to keep growing, because objecting costs nothing while silence counts as consent [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). Dave Hendricks, CEO of Vertalo, said most of the companies had no idea a third party had tokenized their stock until the OKX-ICE notice went up [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). ## Reactions and open questions None of the objecting companies has explained its decision, and the notice gives no reasons [[3]](https://memeburn.com/tokenized-shares-objections/). Cerebras objected even though it was not on OKX-ICE's original list [[3]](https://memeburn.com/tokenized-shares-objections/). Goldman Sachs has spent years building its own tokenization business [[3]](https://memeburn.com/tokenized-shares-objections/). Andrew Cuomo, OKX-ICE co-chair, called the corporate objections a natural response [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). TD Securities' Reid Noch said the upside for issuers remains difficult to quantify [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). Securitize CEO Carlos Domingo said there is an important education process underway for issuers [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). Nasdaq said it intends to object to having tokenized versions of its own stock traded on TSVs under the current exemption [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). It warned that TSVs outside the National Market System could fragment liquidity, weaken price discovery and lack safeguards [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). The IMF recently warned that tokenized stock markets remain volatile and illiquid despite real demand [[1]](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks). Securitize told CoinDesk it does not plan to object to inclusion on the OKX-ICE venue [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). BitGo said in an email that the company won't object to the listing [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). ## What it means for you If you work at a listed company, the 30-day clock decides the outcome, and the window is estimated to close in early November [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker) [[3]](https://memeburn.com/tokenized-shares-objections/). Nvidia, Apple, Tesla and Amazon had not objected as of the article, and the window was still open [[3]](https://memeburn.com/tokenized-shares-objections/). Silence lets trading begin, and the SEC order gives no way to object later or to withdraw a non-objection once trading starts [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). Objecting costs nothing, according to Vande Woude [[2]](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker). ## Sources 1. [Microsoft, Alphabet, Goldman Sachs Join Growing List of Companies Objecting to Tokenized Stocks](https://decrypt.co/381448/microsoft-alphabet-goldman-sachs-growing-list-objecting-tokenized-stocks) — Yahoo Finance 2. [Why McDonalds, Microsoft and Google saying no to tokenized stocks isn't a dealbreaker](https://www.coindesk.com/business/2026/10/23/why-mcdonalds-microsoft-and-google-saying-no-to-tokenized-stocks-isn-t-a-dealbreaker) — CoinDesk 3. [Microsoft, Google and Goldman Just Said No to 24/7 Tokenized Shares. AI Stocks Are Leading the Walkout](https://memeburn.com/tokenized-shares-objections/) — Memeburn Image: Photo: Tyler Lahti / Wikimedia Commons, CC BY-SA 4.0 (https://commons.wikimedia.org/wiki/File:Microsoft_Atlanta.jpg) --- Written from the sources above and checked twice (rules and an independent model) before publishing. How we work: https://skoop.news/how-we-work/ · Corrections: https://skoop.news/corrections/