Around one-quarter of the US-listed companies included in OKXICE’s proposed tokenized stock platform have formally asked to opt out, according to reporting by Cointelegraph.
The joint venture between cryptocurrency exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, said it had received 16 issuer objection notices in an update published Monday. The companies named in the report include Microsoft, Alphabet — Google’s parent — and Goldman Sachs.
The notices did not state why the companies objected to having tokenized versions of their shares made available through the proposed service. One expert told Cointelegraph that the concerns could involve uncertainty over how the companies’ share prices would behave on the platform.
Disagreement over what the notices mean
Andrew Cuomo, OKXICE’s co-chair and a former governor of New York, disputed the description of the filings as objections in comments to Cointelegraph on Tuesday. He pointed to the Securities and Exchange Commission’s openness to a global, round-the-clock marketplace and said some companies may simply prefer to wait before participating.
Cuomo compared the approach with watching others test the model first. He said many companies would not want to be the first participants and that additional companies could take this position.
The difference in wording matters because the notices indicate that a number of issuers do not currently want their shares included, while OKXICE presents the decision as caution about joining a new market at an early stage.
How the proposed platform would work
OKX and ICE said earlier this month, in a filing with the SEC, that the service would initially offer tokenized shares linked to more than 60 companies listed on US exchanges. The proposal covers 62 companies, meaning the 16 notices represent about 25% of the companies in the initial plan.
Tokenized stocks are digital tokens designed to represent shares or an economic interest connected to shares. According to OKXICE, its platform would operate continuously, 24 hours a day and seven days a week, rather than following the opening hours of traditional US stock exchanges.
The system would use permissioned Uniswap v4 liquidity pools deployed on XLayer. Each tokenized stock would be paired with one of three stablecoins used for payment: Tether’s USDt, also known as USDT; Circle’s USDC; or Global Dollar, USDG. Stablecoins are crypto tokens designed to maintain a stable value relative to a reference currency, such as the US dollar.
Moneyiar market picture
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