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Wells Fargo and five others object to OKX-ICE tokenized stock listings
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Six more companies have objected to having their stocks listed in tokenized form on OKXICE, a platform proposed by a joint venture of OKX and Intercontinental Exchange (ICE), the parent of the New York Stock Exchange. As of Friday, 22 companies had filed objections in total, according to Reuters. The latest objectors include Wells Fargo, Arm Holdings and Intuit.
OKXICE seeks to operate under a US Securities and Exchange Commission (SEC) innovation exemption for trading tokenized stocks. The venture filed with the SEC earlier this month, proposing tokenized listings for 62 companies. Tokenized stocks represent shares as digital tokens on a blockchain.
Of the 22 companies that objected, 16 are listed on Nasdaq and six on the NYSE. Microsoft and Alphabet, Google’s parent, objected the previous week. In September, Nasdaq warned companies considering the SEC innovation exemption that issuers “must be cautious about their participation,” noting that consequences for liquidity, price discovery, and long-term shareholder value “may not become apparent until well after the experiment is underway.”
The objections underscore resistance from financial and technology firms to equity tokenization. They also signal concerns about potential effects on market dynamics. The SEC innovation exemption is meant to let new models be tested with regulatory flexibility.
OKXICE co-chair and former New York Governor Andrew Cuomo told Cointelegraph on Tuesday that the venture expected more objections, as companies avoid being first to test the stock model. Spokespeople for Wells Fargo and Arm declined to comment; Intuit did not immediately respond.
With 22 of the 62 proposed companies objecting, OKXICE may need to adjust its listing plans. The SEC review remains ongoing, and more objections could follow. The outcome will be watched as a test case for tokenized securities in the US.
