Nine public companies have formally opposed the plan by OKX and the Intercontinental Exchange (ICE) to offer their shares in tokenized form. The list of objectors includes major firms such as Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon Communications, Applied Optoelectronics, Broadcom, and UnitedHealth Group.
The objections were disclosed in a notice published by OKX and ICE. This development follows the Securities and Exchange Commission’s September 17 innovation exemption, which mandates that tokenized platforms provide issuers with written notice and a formal opportunity to object before listing third-party tokenized stocks.
While the specific reasons for the objections were not detailed in the notice, industry experts suggest concerns regarding price transparency and execution on public blockchains. Critics point to the potential for market manipulation and the lack of clear data on how trading on these platforms impacts the underlying asset prices.
This situation tests the ability of crypto platforms to establish blockchain-based markets for public equities without direct cooperation from the issuers. Market analysts note that the resistance is focused on the lack of consent rather than a rejection of tokenization technology itself, emphasizing the need for more institutional data.
