22 issuers object to OKX-ICE tokenized equity initiative under SEC review
CIE News ·
Based on reporting by CryptoSlate; not yet independently confirmed.
Twenty-two public firms, including Microsoft and Alphabet, have formally objected to OKXICE tokenizing their shares for 24/7 trading under an SEC exemption, spendnode.io reported.
Twenty-two public corporations have formally objected to the tokenization of their shares on OKXICE, an initiative run by Intercontinental Exchange and an OKX affiliate, according to regulatory disclosures and reporting by spendnode.io. The venture sought to list tokenized representations of 62 equities for 24/7 trading using automated liquidity pools on XLayer with Uniswap v4 software, CryptoSlate reported. Objecting firms include Microsoft, Alphabet, Goldman Sachs, Wells Fargo, Arm Holdings, and Intuit.
The venture filed under an SEC five-year innovation exemption, which allows qualified platforms to skip conventional exchange registration rules such as Regulation NMS. However, spendnode.io reported that the exemption framework requires issuer notification and prohibits listing a company's stock if that issuer objects. Sixteen of the objecting firms trade on Nasdaq and six on the New York Stock Exchange.
Under the proposed model, tokenization providers would acquire ordinary shares via a broker-dealer to back each token one-for-one with equivalent shareholder rights, CryptoSlate reported. Trading would occur against automated pools paired with stablecoins such as USDC rather than traditional order books. The OKXICE project remains under SEC administrative review.
Key facts
- 22 issuers filed objections
- 62 equities originally targeted
- OKX and ICE joint venture
- SEC review ongoing
Read the original at CryptoSlate