OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, has notified the U.S. Securities and Exchange Commission that it intends to launch a venue for trading tokenized U.S. stocks around the clock.
The proposed platform would operate 24 hours a day, seven days a week under the SEC’s new Innovation Exemption. According to Decrypt, the venture’s notice is dated October 4 and was highlighted publicly on October 5 by co-chair Andrew Cuomo, a former New York governor and former New York attorney general.
The filing does not provide a launch date. It sets out a framework for trading digital tokens linked to shares in more than 60 U.S.-listed companies, with each tokenized stock paired against one of three stablecoins: Circle’s USDC, Paxos-linked USDG or Tether’s USDT.
What the proposed venue would offer
The list includes major technology companies such as Nvidia, Tesla, Apple and Microsoft. It also names crypto-related companies including Coinbase, Circle, Strategy, Robinhood, BitGo and Securitize. Although the venture said in June that it would focus on tokenizing NYSE-listed equities, several companies on the notice—including Nvidia, Tesla, Apple and Microsoft—are listed on Nasdaq.
Tokenized stocks are digital representations of shares. In this proposed structure, the tokens would be issued by an unaffiliated third party identified in the notice only as “the Tokenizer.” That entity would hold the underlying shares on a one-for-one basis through a registered broker-dealer, according to the filing.
The notice says token holders would receive the same dividends and voting rights as ordinary shareholders. However, it does not identify the company that would create the tokens, leaving that issuer unnamed in the filing.
Trading and liquidity would be provided through permissioned Uniswap v4 liquidity pools on XLayer, a layer-2 blockchain. A custom smart contract would check transactions, while access would be restricted to wallets that hold a non-transferable “soulbound” token.
To receive that access token, users and liquidity providers would need to complete identity, anti-money-laundering and sanctions checks conducted by OKX’s U.S. entity. The restrictions mean the proposed venue would not operate as an open, unrestricted crypto market.
SEC exemption and issuer objections
The Innovation Exemption, introduced by the SEC on September 17, allows qualifying venues to trade tokenized stocks without registering as traditional exchanges. The agency does not approve each venue individually. Instead, a firm that satisfies the exemption’s conditions submits a notice and may operate under the framework while remaining subject to those conditions.
The exemption also allows a third party to tokenize a company’s shares without obtaining the company’s participation in advance. The venue must notify the issuer, however, and give it 30 days to object. If the issuer objects, the related tokens cannot trade on that venue.
Cerebras Systems, a chipmaker, has already filed an issuer objection with OKXICE, the notice says. Cerebras is not included in the list of companies whose tokenized shares the venue proposes to offer.
The filing also warns that prices on the tokenized venue will be determined solely by liquidity pools. Those prices may differ from the prices of the underlying shares, especially when traditional stock exchanges are closed. That issue is particularly relevant to a platform that plans to remain open during nights, weekends and other periods outside regular U.S. market hours.
Why the filing matters
The planned venue brings together a major traditional exchange operator and a cryptocurrency platform at a time when regulators are testing how tokenized securities can fit within existing market rules. ICE and OKX formed the venture on a 50-50 basis in June, three months after ICE acquired a minority stake in OKX at a valuation of $25 billion.
The companies had previously introduced crypto-native perpetual futures linked to oil for customers outside the United States. The tokenized-stock plan would extend their partnership into U.S. equities, combining blockchain-based settlement and trading infrastructure with assets tied to publicly listed companies.
SEC Chair Paul Atkins said the agency was acting within its statutory authority when it created the exemption. Officials have described the measure as a temporary bridge toward permanent rulemaking. The exemption came after Atkins moved away from an earlier January target following opposition from Wall Street groups, and days after the Clarity Act failed to advance in the Senate.
Supporters of the framework say it could bring decentralized-finance trading platforms and liquidity pools into more direct competition with traditional exchanges. The OKXICE notice does not say when trading will begin, so the filing represents a regulatory and operational step rather than a confirmed launch.
Moneyiar market picture
Moneyiar market data at 10:38-10:39 on October 7, 2026, showed declines across the four listed assets:
- Filecoin (FIL): $1.0594693371, down 10.1% over 24 hours and 1.48% over seven days.
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