Tech Giants and Banks Push Back on Tokenized Stocks
Microsoft, Alphabet, Goldman Sachs Join Growing List of Companies Objecting to Tokenized Stocks
Microsoft, Google parent Alphabet, and Goldman Sachs are among seven additional companies that have formally objected to having tokenized versions of their shares traded on OKXICE, a planned tokenized stock trading venue being developed by crypto exchange OKX and Intercontinental Exchange (ICE), the owner of the New York Stock Exchange.
According to an updated public notice dated Monday, the latest disclosures bring the total number of objecting issuers to 16, up from nine just four days earlier.
The newest group added includes Microsoft, Alphabet, Goldman Sachs, McDonald’s, Qualcomm, Caterpillar, and Western Digital. Earlier objectors disclosed by October 15 included Verizon, Broadcom, UnitedHealth Group, CoreWeave, and Rocket Lab, alongside other names listed in the notices.
OKXICE’s original notice listed 63 tickers representing 62 companies (with Alphabet appearing via both share classes). The objections have already resulted in at least 17 symbols being removed from the initial launch list, according to the information provided.
The notices do not explain why the companies objected, nor do they clarify whether an objection automatically prevents a stock from appearing on the platform.
The pushback matters because it highlights a practical constraint in the U.S. approach to tokenized equities: under the Securities and Exchange Commission’s framework, issuers have an avenue to object to venues offering blockchain-based versions of their shares. OKXICE is seeking to operate under the SEC’s five-year “Innovation Exemption” framework, which is designed to allow qualifying venues to trade tokenized U.S. stocks via automated market makers and liquidity pools while providing issuers an opportunity to opt out.
OKXICE has described a structure where tokenized shares could be created through a third-party model. Under that model, an external “tokenizer” would buy and hold the underlying shares one-for-one through a registered broker-dealer, then issue tokens intended to carry the same dividend and voting rights, according to the notice.
The venue is planned to operate 24/7 using Uniswap v4 liquidity pools on OKX’s XLayer blockchain, with trades settled in stablecoins including USDC and USDT.
