Wells Fargo and Cisco Object to Tokenized Stocks Venue
Six more companies, including Wells Fargo and Cisco, have objected to having their shares traded on the planned OKX-ICE tokenized stock venue.
Six additional companies, including Wells Fargo, Cisco, and Marvell Technology, have formally objected to the trading of their shares on the upcoming OKX-ICE tokenized stock venue (TSV), according to a public notice dated October 23.
The additions bring the total number of objecting companies to 22, up from nine companies listed on October 15. The latest roster of objectors also includes Arm Holdings, Moderna, and Intuit. According to Decrypt, none of the published notices explain the companies' specific reasons for objecting or detail what legal effect an objection has on whether a stock can be traded on the platform.
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Platform Details and Structure
OKX-ICE TSV is a 50-50 joint venture between Intercontinental Exchange, the owner of the New York Stock Exchange, and OKX’s U.S. holding company. The venue plans to allow approved users to trade tokenized U.S. stocks on a 24/7 basis. Trades would execute through Uniswap v4 liquidity pools running on OKX’s XLayer blockchain, paired with stablecoins such as USDC. The platform is structured to operate under an innovation exemption unveiled by the Securities and Exchange Commission in September.
Identified Risks
The public notice outlines multiple structural risks associated with the tokenized venue. The platform features no circuit breakers beyond pauses when the underlying traditional stock is halted. Additionally, the system contains no explicit policies addressing maximal extractable value—the profit captured by reordering blockchain transactions—and permits platform administrators to upgrade smart contracts without advance notice to users.
Key facts
- Twenty-two companies have objected to having their shares traded on the OKX-ICE tokenized stock venue.
- New additions to the objecting list include Wells Fargo, Cisco Systems, Marvell Technology, Arm Holdings, Moderna, and Intuit.
- The OKX-ICE joint venture plans to enable 24/7 trading of tokenized U.S. stocks using Uniswap v4 liquidity pools on the XLayer blockchain.
- The platform operates under the SEC innovation exemption introduced in September.
Source: decrypt.co
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