SpaceX objects to tokenised shares on OKXICE
Key points
- SpaceX has formally objected to OKXICE listing third-party tokenised versions of its shares.
- The objection brings the number of companies opposing the proposed venue to 56.
- SpaceX-linked tokens have already generated substantial trading volumes on offshore cryptocurrency platforms.
SpaceX has objected to OKXICE listing third-party tokenised versions of its shares, joining 55 other companies.
OKXICE, a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange, plans to offer tokenised US stocks.
The SEC’s five-year Innovation Exemption allows eligible platforms to offer tokenised equities without registering as national securities exchanges.
Companies have 30 days to object after receiving notice, preventing platforms from listing affected third-party tokenised shares.
SpaceX’s objection follows offshore trading activity, with Backpack’s SPCX token recording $1.08 billion in June volume.
Kraken’s SPCXx token also recorded $852 million in June, with both products designed to represent actual SpaceX shares.
Unlike offshore platforms, OKXICE aims to bring tokenised stock trading to US investors under the SEC framework.
The objection restricts OKXICE’s proposed SpaceX listing but does not prevent tokenised shares trading elsewhere.
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