Fifty publicly traded companies, including Nvidia, Microsoft, JPMorgan and Nike, have formally objected to having their shares tokenized on OKXICE, the proposed blockchain-based securities pl
Fifty publicly traded companies, including Nvidia, Microsoft, JPMorgan and Nike, have formally objected to having their shares tokenized on OKXICE, the proposed blockchain-based securities platform backed by cryptocurrency exchange OKX and New York Stock Exchange owner Intercontinental Exchange (ICE).
The objections have nearly doubled within a week, rising from 26 on October 26 to 50 in an October 30 filing. The latest additions include Nvidia, Costco, Nike, Micron, Reddit and CrowdStrike, further narrowing the platform’s proposed selection of U.S. equities before trading begins.
The opposition represents a significant setback for the venture, which initially identified 62 companies and 63 stock symbols for potential tokenization under the Securities and Exchange Commission’s new Innovation Exemption.
The latest OKXICE regulatory notice identifies 12 additional objectors since October 28, including Palo Alto Networks, Corning, Hewlett Packard Enterprise, IREN, Bloom Energy and USA Rare Earth.
They join an expanding group of technology companies, financial institutions and consumer brands that have rejected unaffiliated third-party tokenization of their shares on the platform.
The opposition accelerated after Microsoft, Alphabet and Wells Fargo joined an initial group of 22 objecting companies in October. Subsequent filings added IBM, Oracle, Intel, JPMorgan, Coca-Cola, Walmart and Eli Lilly.
However, not all 50 objectors were included in OKXICE’s original list. Of the 62 companies initially targeted, 43 have now objected, leaving 19 without recorded objections as of October 30.
Apple, Amazon, Tesla and Netflix remain among the companies that have not filed objections. Their absence from the list does not constitute approval of the platform.
The filings do not specify why most companies rejected the proposal. Applied Optoelectronics previously expressed uncertainty about how tokenized trading could affect its share price, liquidity and volatility, reflecting broader concerns surrounding fragmented markets and investor protections.
Under the SEC’s September 17 Innovation Exemption, qualifying platforms can facilitate blockchain-based stock trading without registering as traditional securities exchanges, subject to specific conditions.
Companies must receive advance notice before unaffiliated third parties tokenize their shares. They then have 30 calendar days to submit written objections, preventing those securities from trading on the notifying platform.
The restriction applies specifically to that venue and third-party tokenization. It does not prevent companies from authorizing their own tokenized shares or participating in other blockchain-based securities markets.
OKXICE plans to offer round-the-clock trading through permissioned Uniswap v4 liquidity pools on OKX’s XLayer blockchain, using stablecoins for settlement. The underlying shares would be held through regulated brokerage infrastructure, with tokens designed to preserve dividend and voting rights.
The resistance comes as traditional financial institutions advance separate tokenization initiatives.
On October 28, the Depository Trust & Clearing Corporation launched its tokenization service, allowing eligible participants to create digital representations of securities held at DTC while retaining established ownership rights and investor protections.
The rollout follows earlier tokenization trials involving JPMorgan, BlackRock and Goldman Sachs, demonstrating continued institutional demand for blockchain settlement infrastructure.
For OKXICE, the immediate challenge is securing a viable selection of securities as the objection period approaches its conclusion. The venture has not announced a trading launch date, and additional objections could further reduce its available lineup.
The growing resistance highlights a developing divide between efforts to expand blockchain-based equity trading and issuers seeking greater control over how their shares enter tokenized markets.
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