Nine major US corporations, including Verizon, Broadcom, and UnitedHealth Group, have formally objected to the listing of their shares on the OKXICE TSV platform. This new venue, a collaboration between crypto exchange OKX and Intercontinental Exchange, aims to offer tokenized versions of US stocks on the XLayer blockchain using Uniswap v4 liquidity pools.
The list of objecting companies also includes Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, and Applied Optoelectronics. While the specific reasons for these objections remain undisclosed, the platform operates under an SEC innovation exemption that allows trading without standard exchange registration. This structure means the venue is not subject to Regulation NMS, which mandates the display of best prices.
Nasdaq has also distanced itself from the initiative, stating it will opt its own shares out of the SEC framework. A spokesperson for the exchange operator cited concerns regarding real-time price transparency and the reporting of trades to the consolidated tape. Nasdaq previously secured SEC approval for its own tokenized securities pilot earlier this year.
The OKXICE platform facilitates trading by using a third-party tokenizer that holds actual shares through a registered broker-dealer. Although token holders are intended to receive dividends and voting rights, the platform imposes caps on trading volume and allows administrators to update smart contracts without prior notice. The IMF has noted demand for such services outside traditional hours, while warning of liquidity risks.
