Nine Companies Block Tokenized Stock Trading on OKXICE
Broadcom, Verizon, UnitedHealth, and six other firms object to OKXICE tokenizing their shares under new SEC rules.
Nine major companies, including Broadcom, CoreWeave, Verizon, and UnitedHealth, have formally objected to OKXICE’s plans to trade tokenized versions of their shares. The move prevents the joint venture between Intercontinental Exchange (ICE) and OKX from listing the securities on its proposed Tokenized Securities Venue (TSV).
SEC Rules Allow Corporate Objections
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According to disclosures filed on Oct. 15, OKXICE identified Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon Communications, Applied Optoelectronics, Broadcom, and UnitedHealth Group as objecting issuers. Under the Securities and Exchange Commission’s Sept. 17 regulatory exemption, platforms seeking to tokenize stocks must notify companies and wait at least 30 calendar days. A written objection submitted within that window blocks the venue from offering that specific tokenized stock.
The objections do not automatically prevent the companies' shares from being tokenized on other eligible platforms, nor does the notice specify individual arguments submitted by each issuer. Reports indicate concerns over stock price volatility, market liquidity, and investor confusion regarding corporate backing.
OKXICE Platform Details
OKXICE is a Texas-based joint venture owned equally by ICE Holdings and OKX affiliate OKC USA Holding. The platform intends to offer 24-hour trading of U.S. equities against payment stablecoins—including USDC, USDG, and USDT—using Uniswap v4 automated liquidity pools on the XLayer blockchain network.
To comply with SEC exemption terms, the platform requires a registered broker-dealer to hold one underlying share for each outstanding token, preserving underlying shareholder rights such as dividends and voting power.
Key facts
- Nine companies submitted formal objections to share tokenization on OKXICE.
- The objecting firms include Broadcom, CoreWeave, Verizon, UnitedHealth, and Rocket Lab.
- SEC rules from Sept. 17 give companies 30 days to block third-party tokenization on a specific venue.
- OKXICE plans 24/7 stock trading via Uniswap v4 on the XLayer blockchain using stablecoins like USDC, USDG, and USDT.
Source: crypto.news
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