A total of 22 companies have filed formal objections against the proposed tokenized stock platform, OKXICE. This initiative is a joint venture between the cryptocurrency exchange OKX and the Intercontinental Exchange, which is the parent company of the New York Stock Exchange.
Among the latest entities to oppose the listing of their stocks in tokenized form are Wells Fargo, Arm Holdings, and Intuit. These firms join Alphabet and Microsoft, who previously expressed their opposition to the platform. The venture initially proposed including 62 companies in the project.
Data shows that 16 of the objecting companies are listed on Nasdaq, while six are traded on the NYSE. Nasdaq previously issued guidance advising issuers to exercise caution regarding the SEC innovation exemption, citing potential risks to liquidity, price discovery, and shareholder value.
Andrew Cuomo, co-chair of OKXICE and former New York Governor, stated that the company anticipated further objections. He noted that many firms are currently seeking to avoid being the first participants to test this new stock trading model.
