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According to a notice dated October 28th, Walmart, Eli Lilly, Cigna Group, Carnival, and Acordis have joined the list of companies opposing OKX - ICE TSV.
The total number of oppositions has risen from 9 on October 15 to 38, and the scope of opposition has also expanded to include the retail, healthcare, and tourism industries.
Under the innovative exemption framework of SEC, raising objections in a timely manner can prevent the listing of a third-party tokenized version of a company's stock on that trading platform.
This is an increase of 7 more than the 33 from the previous day; at that time, JPMorgan Chase, Coca-Cola, and Dell were all on the new list. Since October 15th when the trading venue first announced 9 opponents, this number has more than quadrupled. On October 19th, the list grew to 16, including Microsoft; on October 23rd, it increased to 22, with Wells Fargo also joining in.
These objections have practical effect. SEC stated in the innovation exemption announced in September that, following the pause of Clarity Act in the Senate, relevant trading venues must notify the company before providing tokenized versions of stocks by unrelated third parties.
According to the command of SEC, if a company raises an objection in writing within 30 days, the trading venue will not be able to provide trading for that stock. The objection is applicable only to that trading venue, and the reasons for the company's objection will not be disclosed in the notification.
OKX - ICE TSV is a joint venture in which Intercontinental Exchange, the parent company of the New York Stock Exchange, and OKX American Holdings Company each hold a 50% stake. The venture plans to enable approved users to trade tokenized U.S. stocks around the clock. OKX and ICE first collaborated in the area of tokenized securities earlier this year and announced the launch of this 24-hour trading platform this month.
The transaction will be conducted through the licensed Uniswap pool on the XLayer blockchain of OKX, and will be paired with stablecoins such as USDC. This exemption sets the maximum number of stocks that can be covered by this trading venue at 75 of the largest and most liquid stocks, with a trading volume limit for each stock set at 0.25% of its average daily trading volume; there are also a maximum of 250 other stocks, with a trading limit of 2.5%.
The list may not be complete yet. According to the command from SEC, companies have 30 days to raise objections after receiving notification, but some of the most active traders in the market, such as NVIDIA, Tesla, Apple, and Amazon, have not done so yet.
