Seven additional corporations, including Microsoft, Alphabet, and Goldman Sachs, have formally opposed the listing of their shares on the OKXICE TSV platform. This new group also includes Qualcomm, Caterpillar, McDonald’s, and Western Digital, bringing the total number of objecting issuers to 16.
The platform, a joint initiative between OKX and Intercontinental Exchange, intends to operate 24/7 using Uniswap v4 liquidity pools on the XLayer blockchain. Trades are expected to settle in stablecoins like USDC and USDT. The venue operates under an SEC innovation exemption, meaning it is not subject to standard Regulation NMS or fair-access rules.
A recent update to the platform's notice indicates a shift in tokenization strategy. While the October 15 version specified that stocks would be tokenized by unaffiliated third parties, the latest version allows for tokenization by the issuers themselves. This change could grant companies more direct control over how their shares are represented on-chain.
The third-party model involves a tokenizer purchasing and holding real shares one-for-one via a broker-dealer to issue tokens with corresponding dividend and voting rights. Despite this, Nasdaq has already stated it will opt its shares out of the SEC exemption, citing concerns over real-time price transparency and trade reporting.
