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Amazon, Tesla, SpaceX, Netflix, SoFi Technologies and Lam Research have joined the companies objecting to a planned tokenized-stock trading venue backed by crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange, according to CoinDesk’s Krisztian Sandor, reporting Tuesday at 11:17am EST.
The six companies appeared in an updated public notice dated Monday, November 2, CoinDesk reported, bringing disclosed objections to 56 from 50 in Friday’s update. The objections concern that specific proposed venue, known as OKXICE. They are not a blanket ban on tokenized shares or an SEC prohibition on the companies’ stocks.
Of the 62 companies initially selected for trading, 49, or about 79%, have objected, according to CoinDesk’s tally. Another seven objectors were not part of the original list. That leaves 13 initial companies without a disclosed objection, which is not the same as an endorsement or an agreement to participate.
A proposed market, not a live service
OKXICE plans a blockchain-based venue where investors could trade tokenized versions of U.S. shares around the clock and pay with stablecoins. Tokenization uses digital tokens to represent financial assets; the proposed market would be separate from conventional stock-exchange trading.
CoinDesk reported that the venture would operate under the SEC’s five-year “innovation exemption,” allowing qualifying marketplaces to use automated market makers. Those systems execute trades through pools of assets rather than matching buyers and sellers through a traditional order book.
Supporters point to longer trading hours and faster settlement. The objections show that many issuers remain cautious about whether the new market would bring additional investors and how trading outside established stock markets could affect their shares, the report said.
The venue has not launched. OKXICE co-chairman Andrew Cuomo, the former New York governor, did not give a launch date or say how many stocks would be available when trading starts, according to CoinDesk’s account of his Friday press conference.
Each company’s notice starts its own clock
Companies have 30 days after receiving a venue’s written notice to object under the rules described by CoinDesk. For a company that received notice on October 4, the response window would end Tuesday, November 3. The clock runs from each company’s receipt, however, not simply from the date OKXICE published its initial filing.
That means Tuesday is not a universal deadline for every issuer. Venues can also take up to five business days to disclose objections, CoinDesk reported, so additional responses could appear after an issuer’s response window has closed.
The 13 initial companies without a disclosed objection in Monday’s notice were Apple, Strategy, Robinhood, Coinbase, Super Micro Computer, Palantir, Circle, ServiceNow, GE Vernova, Boeing, Home Depot, Securitize and BitGo, according to CoinDesk. Securitize and BitGo had previously told the publication they did not plan to object.
Cuomo said many companies wanted to see how the market worked before participating. He also said companies outside the initial selection had approached the venture about joining, but he did not identify them or give a number.
“But we are at the very beginning of the rollout of fundamentally different market structure,” Cuomo said, according to CoinDesk.
The objection counts and description of Monday’s notice in this article are attributed to CoinDesk. JBizNews has not independently verified the primary notice.
JBizNews Desk | New York
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