Microsoft, Alphabet, Goldman Sachs join the list of companies opposed to tokenized stocks
Decrypt
1h ago
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The number of opposing issuers to the tokenized stock platform OKXICE TSV planned by OKX and Intercontinental Exchange (ICE) has increased to 16. The latest notice also indicates that the platform may offer stocks tokenized by either the issuers themselves or third parties, and it is planned to operate on the XLayer blockchain through a Uniswap v4 liquidity pool around the clock, with settlement using USDC and USDT.
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This brings the total number of opposing issuers to 16, which is higher than the 9 mentioned in the platform's notice on October 15th. However, neither notice provided an explanation for this increase.

The updated notice also states that the platform may offer tokensized stocks issued by the issuers themselves, not just tokensized stocks from third parties.

The rebound in tokenized stocks within the corporate sector is continuing to expand.

OKXICE TSV is a tokenized stock platform planned to be launched by OKX in collaboration with Intercontinental Exchange (Intercontinental Exchange), the parent company of the New York Stock Exchange. Qualcomm, Caterpillar, McDonald's, and Western Data have also joined the list of opponents.

This brings the total number of opposing issuers to 16, which is higher than the 9 mentioned in the platform's previous notice, and that notice was only issued four days ago. An earlier list included Verizon, Broadcom, UnitedHealth Group, CoreWeave, and Rocket Lab. Neither notice provided reasons for these companies' opposition, nor did they clarify whether such opposition would prevent any stocks from being listed on the platform.

Goldman Sachs' participation is particularly noteworthy, as the bank itself also invests in blockchain-based markets.

The updated notification also contains a less noticeable but noteworthy change. The version from October 15 stated that the platform would offer tokenized stocks issued by third parties unrelated to the company. However, the version on Monday indicated that it would offer tokenized stocks issued by external parties or by the issuers themselves, which may allow the company to play a more direct role in how its stocks appear on the blockchain.

The platform is planned to operate around the clock, conducting transactions on the Uniswap liquidity pool on the XLayer blockchain based on OKX, and settling in stablecoins such as USDC and USDT.

OKXICE is expected to operate under the innovative exemption of the U.S. Securities and Exchange Commission (SEC). SEC introduced this exemption in September, following which the Clarity Act proposal got stuck in the Senate. This exemption allows platforms to trade tokenized U.S. stocks without registering as exchanges, and the notification also acknowledges that OKXICE is not subject to the Reg NMS or fair access rules.

OKX and ICE first collaborated in the area of tokenized securities earlier this year and announced this 24/7 platform this month. NASDAQ, which has been approved by SEC to conduct its own tokenized securities pilot program, stated that it will exclude its own stocks from this exemption. A NASDAQ spokesperson previously told The Wall Street Journal that the company does not wish for its stocks to be traded on a platform that cannot display the best prices in real time nor transmit trading data to the consolidated market.

The International Monetary Fund ( IMF ) recently warned that, despite genuine demand, the tokenized stock market remains highly volatile and lacks liquidity.

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