Most companies on the initial list opposed OKX–ICE’s plan to make their shares available for trading on the blockchain, with Walmart and Eli Lilly among those objecting.
The plan by crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, calls for shares to be represented on the blockchain and traded around the clock. The companies’ objections target the trading model underpinning the plan.
According to CoinDesk’s count, the number of announced objections has reached 38, with more than half of the 62 companies on the initial list opposing the plan. The latest notice, dated October 28, included Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna. Arcos Dorados and Cigna were not on the original list of 62 companies, so not all 38 announced objections came from companies on that list.
Companies are given 30 days to object
The U.S. Securities and Exchange Commission’s (SEC) five-year exemption framework allows certain platforms to trade tokenized U.S. shares through automated trading systems. When a third party independent of the company tokenizes its shares, the platform must notify the issuing company and provide a 30-day objection period. If the company does not object, the shares can begin trading; there is no mechanism to revoke this permission later.
JPMorgan Chase’s objection was also included in Tuesday’s notice. The bank said its decision not to participate in the plan at this stage does not prevent it from considering future opportunities.
Under a different model, Canton Strategic Holdings announced Thursday that its shares could begin trading on the Canton-based TSV LLC platform as early as Monday. In this arrangement, which involves Fairmint as the transfer agent, the company itself supports the tokenization; therefore, the 30-day objection process used by independent third parties does not apply.
Not investment advice.