Objections from 38 Companies Narrow Proposed OKXICE Tokenized Stock List
Key Facts
The number of companies that have objected to trading their tokenized shares through OKXICE has risen to 38, after Walmart, Eli Lilly and three other companies were added in an update published on October 29, according to CoinDesk. The platform is a joint venture between OKX and Intercontinental Exchange, the owner of the New York Stock Exchange. The objections concern making these companies’ shares available for tokenized trading on the platform; they do not amount to a rejection of stock tokenization in general. CoinDesk said the five additions brought the number of objectors to more than half of the companies on the original proposed list. That constrains the list of companies available to the proposed platform as it targets round-the-clock stock trading.
The five companies named in the updated notice were Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna, according to CoinDesk. Coverage on October 29 reported that more than half of the companies on the original list had objected. It is therefore inaccurate to describe all 38 companies as being from that list, since the total includes companies that were not on it. The update reflects the widening of publicly disclosed objections as new names were added to the public notice.
The wave of objections had included Microsoft, Alphabet and Goldman Sachs in an October 19 update, along with Qualcomm, Caterpillar, McDonald’s and Western Digital. CoinDesk said at the time that the number of companies that had announced objections had reached 16, up from 9 in the previous notice. The figures show the reported objections rising from 16 on October 19 to 38 on October 29. The names include technology, financial and consumer companies, but the recorded objections concern the proposed platform itself. These positions do not establish that the companies reject other tokenization models or opportunities that may emerge later.
The temporary framework adopted by the U.S. Securities and Exchange Commission (SEC) gives issuers an opportunity to object to their securities being made available for trading through a qualified securities token trading platform. According to the commission, the platform must publish a public notice at least 30 calendar days before beginning operations. If the issuer objects by the deadline, the platform may not make the tokenized share available for trading. Under the framework, the SEC said, a qualified tokenized share must give its holder the same rights and privileges as the traditional share, including dividends and voting. The platform must also halt trading in the token whenever trading in the underlying share is halted on its primary listing exchange.
The SEC described the exemption as temporary, allowing qualified trading platforms to operate in a regulated environment while the commission considers whether additional steps are needed to facilitate on-chain trading. SEC Chairman Paul Atkins said the exemption allows trading in a conditional environment and called for public comments to help guide any subsequent changes. OKXICE published its first public notice on October 4, targeting round-the-clock stock trading, according to CoinDesk. The SEC’s page also records that OKXICE notified the commission of its intent to operate under the exemption on October 4, 2026. TSV LLC filed its notice on September 23, placing the emergence of other platforms in the context of an early stage of the market.
The exemption remains in effect until September 17, 2031, according to the SEC order, while the page for submitting comments does not specify a deadline for public participation to close. This allows interested parties to submit comments as the commission continues to assess arrangements for trading tokenized shares. Tokenization pathways are not limited to OKXICE; some initiatives use an issuer-sponsored model. Canton Strategic Holdings said its shares could begin trading on the Canton-based TSV LLC market as soon as Monday, with Fairmint serving as transfer agent. This route differs from OKXICE’s proposed list because it involves tokenization sponsored by the issuing company itself.
A JPMorgan spokesperson said the bank sees potential in tokenization but has decided not to participate in the OKXICE platform for now. The spokesperson added that the bank would continue to evaluate opportunities as the market develops, saying: "We have decided not to participate in this platform at this stage, but we will continue to evaluate opportunities as the market develops." The bank’s position underscores that not participating in this platform is not equivalent to rejecting tokenization in principle. Under the notice and objection rules, the availability of each tokenized share remains tied to its issuer’s position and the terms of the regulatory framework. The issuer-sponsored Canton route is one example of other models being developed alongside the OKXICE project.