JPMorgan Chase, Coca-Cola and Dell Technologies are among seven additional companies that have objected to their inclusion on OKXICE's planned tokenized stock trading platform, the joint venture of crypto exchange OKX and NYSE parent Intercontinental Exchange said in an updated public notice dated Tuesday, Oct. 27.
The additions bring disclosed objections to 33, up from 26 in Monday's notice. All seven newly disclosed objectors were among the 62 companies initially proposed for trading, bringing objections from that original roster to 30, or about 48%, according to a tally of the notices.
Scope of the pushback
Alongside JPMorgan, Coca-Cola and Dell, the updated notice listed Applied Materials, Adobe and Sandisk among the objecting companies. Some firms that have objected, including Wells Fargo, Arm and Cerebras, were not part of the initial 62-company filing.
Nearly half of the venture's original selection has now opted out of the plan.
How the venue would work
OKXICE issued its initial notice on Oct. 4, outlining plans for round-the-clock trading through Uniswap v4 liquidity pools on OKX's XLayer blockchain, with transactions settled in stablecoins.
The venue would operate under the SEC's five-year "Innovation Exemption," which allows qualifying platforms to trade tokenized stocks using automated market makers. Companies have 30 days after notification to object to their inclusion.
Issuer caution
The growing list of objections highlights issuers' caution about a new market structure taking shape under the exemption. The framework gives venues room to test blockchain-based stock trading, but companies are still weighing how those markets would work and what they stand to gain, experts told CoinDesk earlier.
OKXICE co-chairman Andrew Cuomo previously said many companies were expected to wait and see how the market develops before participating, describing the SEC's limited experiment as "a sandbox—a model demonstration."
