16 Companies Object to Trading of Their Tokenized Shares on OKX ICE
Key Facts
The number of companies objecting to trading in tokenized versions of their shares on the OKX ICE platform rose to 16, according to CoinDesk, as the list of objections to the project expanded. The figure stood at 9 companies in the previous week's notice, before the list of issuers that had notified the platform of their objections was updated. Objections from Microsoft, Alphabet and Goldman Sachs appeared in the updated notice dated October 19. New additions also included Qualcomm and Caterpillar, alongside McDonald's and Western Digital. These objections affect the list of stocks for which the platform can offer trading in tokenized versions under the conditional U.S. exemption.
Andrew Cuomo, the project's co-chairman, described the companies' objections as a "very natural response," according to remarks reported by CoinDesk. Applied Optoelectronics, meanwhile, told Fortune magazine it saw no clear benefit from participating in the project. The company added: "At this stage, we see no clear benefit to us or our shareholders that justifies these uncertainties." Under the exemption order issued by the U.S. Securities and Exchange Commission, an objection submitted within the deadline prevents the receiving platform from offering trading in the stock concerned if it is tokenized by a party unaffiliated with the issuer. The effect of the objection is tied to the platform that received it and the shares it covers, within the mechanism specified in the SEC's order.
OKX ICE is based on a joint venture owned equally by ICE and OKC USA, according to the platform's official notice. ICE holds a 50% stake in the company, with the other partner holding an equal 50% stake. The announced model provides for tokens to be backed by the underlying shares, with each token corresponding to a share held through a registered broker. The platform plans to pair tokenized shares with one of the stablecoins USDC, USDG or USDT. Planned operating hours extend to 24 hours a day and 7 days a week, according to the notice.
The project's regulatory framework rests on the innovation exemption issued by the U.S. Securities and Exchange Commission on September 17, 2026, to facilitate trading in tokenized shares under specified conditions. The exemption allows the use of automated market makers and permissioned liquidity pools, according to the SEC's statement. The SEC requires holders of tokenized shares to receive the same rights and privileges as those attached to traditional shares of the corresponding class. The framework also requires the platform to halt trading in a tokenized stock whenever trading in the underlying stock is halted on its primary listing exchange. The platform's planned continuous operating schedule is therefore subject to a requirement to halt trading in tandem with the underlying stock when its trading is suspended.
The SEC's website recorded OKX ICE's filing of a notice of intent to operate under the exemption on October 4, 2026. The SEC includes these notices in its register of platforms intending to use the new regulatory framework. It stresses, however, that inclusion on its list does not mean the entity concerned has demonstrated compliance with the exemption's conditions. The announced conditions include equal rights for token holders and holders of the corresponding shares, alongside trading halt requirements. Trading in shares tokenized by a party unaffiliated with the issuer also remains subject to the company's right to object within the regulatory deadline.
Before operations begin, SEC guidance requires the platform to publish a public notice at least 30 calendar days in advance. A share issuer may submit an objection up to day 30 after receiving the platform's notice, according to the exemption order. Upon receipt of an objection, the public notice must be amended within 5 business days to disclose it. These deadlines place notification, objection and disclosure procedures among the requirements governing the availability of tokenized shares for trading. The exemptions themselves expire 5 years after publication, according to the temporary framework announced by the SEC.