In OKX and NYSE parent company ICE’s plan for 24/7 tokenized stock trading, 30 of the 62 companies on the initial list objected to participating.
In an updated filing dated October 27, as reported by CoinDesk, JPMorgan Chase, Coca-Cola and Dell Technologies were among the companies that disclosed their objections. The total number of disclosed objections to the OKX-ICE joint venture rose to 33, up from 26 in the previous filing.
30 of the 33 Objections Came From Companies on the Initial List
With 30 of the 62 companies initially proposed objecting, approximately 48 percent of the list does not want to participate. All seven newly reported objections came from companies on the initial list.
The difference between the total and the objections from companies on the initial list comes from Wells Fargo, Arm and Cerebras: All three companies objected, but were not included in the initial filing.
The development marks the latest stage of the same plan, which Microsoft and Google parent company Alphabet had also opposed. Objections have now reached nearly half of the companies initially proposed.
What Do OKX and ICE Want to Do?
The plan, announced on October 4, envisions shares being bought and sold on the blockchain at any time of day in tokenized form. OKX’s XLayer network and Uniswap v4 liquidity pools are planned for trading, while stablecoins would be used for payments.
According to the framework described in the report, the venture aims to operate under the U.S. Securities and Exchange Commission’s five-year “Innovation Exemption” program. Under this framework, which gives eligible platforms room to test tokenized stock trading with automated market makers, companies have 30 days after the notification to object to their participation.
OKX-ICE Co-Chair Andrew Cuomo previously said companies may want to see how the market develops before joining. The growing number of objections shows that support from stock issuers is also a determining factor in the adoption of the new trading model; there has been no announcement that the plan has been canceled in its entirety.
Not investment advice.