Companies challenge OKX-ICE’s tokenised stock trading plan

• Six more companies have objected to having their shares traded through the planned OKXICE tokenised securities venue, bringing the total to 22.
• The proposed platform plans to offer tokenised US shares through blockchain-based liquidity pools paired with stablecoins.
• The objections create a hurdle for the venue, which cannot proceed with third-party tokenised shares when issuers formally object.

Six more companies, including Wells Fargo (NYSE:WFC), Cisco Systems (NASDAQ:CSCO) and Intuit (NASDAQ:INTU), have objected to OKXICE’s planned tokenised stock venue.

The latest notice, dated 23 October, brings the number of objecting companies to 22, including Microsoft, Alphabet and Goldman Sachs.

The venue’s public notice records the objections but does not explain each company’s reasons.

The proposed platform is operated by OKXICE LLC, a joint venture equally owned by Intercontinental Exchange Holdings, Inc. (NYSE:ICE) and OKC USA Holding Inc.

OKXICE plans to let approved retail and institutional participants trade tokenised US shares around the clock through permissioned liquidity pools on the XLayer blockchain.

The pools use Uniswap v4 technology and pair tokenised stocks with supported payment stablecoins, including USDC and USDG.

Under the proposed model, third-party tokenisers must hold corresponding underlying shares on a one-for-one basis for the tokens they issue.

OKXICE TSV’s public notice states that the venue is not registered with the US Securities and Exchange Commission for activities under the exemption, and that the regulator has not assessed the notice’s merits or accuracy.