Overview
- A regulatory filing obtained Friday showed 22 public companies have formally objected to OKXICE’s plan to offer tokenized versions of their shares, with six firms added most recently including Wells Fargo, Arm, Intuit, Cisco, Marvell and Moderna.
- OKX and Intercontinental Exchange filed in early October under the SEC’s five-year Innovation Exemption, which requires venues to notify issuers and gives companies a 30-day window to block tokenized listings.
- OKXICE proposes trading on blockchain using automated market‑maker liquidity pools on OKX’s XLayer with settlement in stablecoins and one-for-one backing of tokens by underlying shares held through intermediaries.
- Issuers and exchanges have raised concrete concerns that this design could produce thin on‑chain liquidity, disconnect token prices from cash markets, complicate custody and the flow of dividends and votes, and challenge consolidated tape reporting and surveillance.
- OKXICE leaders say objections were expected and the venture remains an SEC-authorized experiment with no launch date, but continued opt-outs could slow U.S. adoption unless operational rules for custody, shareholder rights and market-data integration are resolved.