Wells Fargo and Intuit join 22 companies objecting to OKXICE stock tokenisation

Key points

• The total of 22 is up from 16 earlier in the week of 19 October, with Microsoft, Google, Goldman Sachs and McDonald's among earlier objectors.
• OKXICE initially proposed tokenising 63 stocks under an SEC framework introduced in September that lets issuers block third-party offerings.

The objections were set out in a regulatory document the outlet obtained on Friday. A Wells Fargo spokesperson declined to comment, while Arm and Intuit did not immediately respond.

The dispute centres on OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent of the New York Stock Exchange. It initially proposed tokenising shares of 63 stocks under a temporary SEC exemption introduced in September, which allows qualifying platforms to operate without some requirements placed on traditional exchanges. Issuers must be given advance notice and can block offerings by formally objecting.

Nasdaq itself said it intends to opt out of tokenised securities venues.

Andrew Cuomo, a former New York governor who sits on OKX's board and co-chairs the venture, told an 20 Oct press conference that some companies would want to be first while others would rather watch how the market develops.

What to watch: OKXICE still needs to win over the issuers whose shares would trade on its platform, with the objections able to block individual offerings.

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