The joint venture between OKX and ICE, known as OKXICE, faces significant opposition to its proposed Tokenized Securities Venue (TSV). Currently, 50 companies have formally objected to the listing of their shares on the platform, which represents 81% of the original list of 62 intended issuers.
Among the latest companies to block the tokenization of their stocks are Nvidia, Micron, Reddit, Nike, and Costco. These join previous objectors such as Microsoft, Alphabet, JPMorgan Chase, Wells Fargo, Arm Holdings, and Intuit. The platform aims to issue blockchain-based representations of US-listed shares.
The TSV model relies on tokens backed one-for-one by underlying shares held through registered broker-dealers. The venture intends to facilitate 24/7 trading via permissioned Uniswap v4 liquidity pools on the OKX X Layer blockchain, allowing users to trade against stablecoins like USDC, USDT, and USDG.
To operate without registering as a national securities exchange, the venture filed for the SEC's Innovation Exemption. This framework requires issuers to be notified before listing, granting them the right to block the process. Due to the high volume of objections and regulatory conditions, the launch date remains unconfirmed.
