38 Companies Object to OKXICE Tokenized Stock Trading

Nasdaq has reportedly encouraged companies listed on its exchange to oppose tokenized trading of their shares through OKXICE, according to CryptoNews. The growing corporate pushback brings the total number of objections to the proposed blockchain stock market to 38 issuers.

The venture's October 28 public notice identifies 38 objecting companies, including Walmart, Eli Lilly, Carnival, Arcos Dorados, and Cigna. The list grew from 33 companies on October 27, following earlier objections from Microsoft, Alphabet, Intel, AMD, JPMorgan Chase, and Goldman Sachs. According to reporting cited by CryptoNews, 23 of the 38 objecting companies are listed on Nasdaq.

SEC 30-Day Exemption Rules

Under the SEC's September 17 exemption, qualifying venues may offer tokenized United States shares through permissioned automated market makers without registering as conventional securities exchanges for those activities. When an unaffiliated third party tokenizes a company's stock, the venue must notify the issuer before trading begins. Companies then have 30 calendar days from receipt of that notice to submit a written objection to prevent that particular venue from offering the affected shares under the exemption.

OKXICE proposes using permissioned Uniswap v4 liquidity pools on X Layer, with tokens backed by underlying shares held through a broker-dealer. Meanwhile, Nasdaq declined to address the allegations directly, reaffirming support for its own issuer-focused tokenization model while developing a separate framework with Kraken.

Key facts

• Thirty-eight companies have formally objected to OKXICE tokenized stock trading.
• The objecting issuers include Walmart, Eli Lilly, Carnival, and Cigna, with 23 of the 38 listed on Nasdaq.
• SEC rules grant companies 30 calendar days from receiving notice to object to unaffiliated third-party tokenization.
• OKXICE is a venture between cryptocurrency exchange OKX and New York Stock Exchange parent Intercontinental Exchange.