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UNINvidia and Costco among 12 new firms objecting to OKXICE tokenised stocks
Twelve more companies, including Nvidia, Costco and Nike, have objected to OKXICE's plan to tokenise their shares, taking the total to 50 of the 63 firms originally targeted.
Why it matters: The objections leave OKXICE with a much smaller pool of stocks for a launch that depends on SEC exemptions letting blockchain venues trade US equities outside traditional rules.
Key points
- The latest objectors, disclosed in an OKXICE notice dated 30 Oct, include Nvidia, Costco, Nike, Reddit, CrowdStrike and Micron.
- OKXICE, a joint venture of OKX and NYSE owner ICE, plans blockchain-based US equities trading backed by shares held at registered broker-dealers.
The objections, disclosed in an updated OKXICE notice dated 30 Oct, cover roughly 79% of the group and about $25tn in market capitalisation, Bitcoin.com News reports.
The latest objectors also include Reddit, CrowdStrike, Palo Alto Networks, Micron Technology, Corning, Hewlett Packard Enterprise, IREN, USA Rare Earth, Bloom Energy and Costco. They join Walmart, Microsoft, JPMorgan Chase, Coca-Cola and Eli Lilly, which had already opted out. Over half of the objecting companies trade on the Nasdaq, while 42% are listed on ICE's own NYSE.
OKXICE is a joint venture between the crypto exchange OKX and Intercontinental Exchange, the owner of the NYSE. It intends to offer blockchain-based versions of US equities that investors could trade continuously, including outside standard exchange hours. Tokens would be backed by shares held through registered broker-dealers, with transactions settled in stablecoins through permissioned Uniswap v4 pools on OKX's X Layer blockchain.
The structure relies on temporary exemptions the Securities and Exchange Commission granted in September, which let qualifying blockchain venues operate outside some traditional exchange rules and give issuers a chance to reject third-party tokenisation of their shares. OKXICE co-chair Andrew Cuomo, a former New York governor, has described the initiative as an experiment and said companies would adopt tokenisation at different speeds.
What to watch: OKXICE has yet to say which stocks it will offer at launch now that 50 of its 63 original targets have objected.
Live updates on NewsFeeds:AIDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Bitcoin.com News’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.