Top publicly listed companies such as Microsoft (Nasdaq: MSFT), Google parent Alphabet (Nasdaq: GOOGL), Coreweave (Nasdaq: CRWV), Goldman Sachs (NYSE: GS), and McDonald's (NYSE: MCD) have joi
Top publicly listed companies such as Microsoft (Nasdaq: MSFT), Google parent Alphabet (Nasdaq: GOOGL), Coreweave (Nasdaq: CRWV), Goldman Sachs (NYSE: GS), and McDonald's (NYSE: MCD) have joined hands to protest the inclusion of the tokenized version of their stocks on the OKXICE TSV.
As per the public notice issued Oct. 19, the number of companies objecting to the plan is 16, demonstrating growing opposition to the tokenization trend.
What is tokenization (8:35)The companies' protest centres on OKXICE issuing the tokenized version of their stocks.
In simple words, tokenization is the process of using blockchain technology to turn real‑world assets like stocks, real estate, U.S. Treasury bills, etc. into digital tokens which can be traded fractionally, 24/7.
Crypto companies such as Coinbase Global (Nasdaq: COIN), Robinhood Markets (Nasdaq: HOOD), and OKXICE are at the forefront of the tokenization trend.
The tokenized stocks are advantageous to traders who want to buy and sell shares 24/7. They also offer exposure to those from outside the U.S. who don't have access to avenues like the Nasdaq and the NYSE.
But they don't offer shareholder rights such as ownership and voting like original stocks do.
OKXICE TSV is a proposed tokenized stock trading platform created by OKXICE, a 50-50 joint venture between the NYSE parent Intercontinental Exchange and crypto exchange OKX.
The avenue will operate under the innovation exemption published last month by the Securities and Exchange Commission (SEC). The exemption lets such platforms offer tokenized versions of the U.S. stocks without registering as exchanges.
The latest notice doesn't explain the companies' reasons or if their objection stops TSV from issuing the tokens. However, it says these tokens could be issued by an outside party or the issuer itself, which could give companies a more direct role in the process.
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