Nine major U.S. companies have objected to having their shares offered on OKXICE TSV, a planned tokenized stock platform, according to an Oct. 15 public notice. The objecting companies are Verizon, Broadcom, UnitedHealth Group, Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, and Applied Optoelectronics.
OKXICE TSV is being developed by crypto exchange OKX and Intercontinental Exchange, the owner of the New York Stock Exchange. The notice did not specify why the companies objected or whether the objections will prevent their shares from trading on the platform.
Nasdaq, while not among the nine objectors, has also signaled concerns. The exchange operator said it would opt its own shares out of the SEC's framework for tokenized securities, citing the lack of real-time pricing displays and consolidated trade reporting on venues like OKXICE.
OKXICE represents the first major test of the SEC's innovation exemption, unveiled in September. The exemption allows qualifying platforms to trade tokenized U.S. stocks without registering as traditional exchanges. The venue plans to operate around the clock using liquidity pools on OKX's XLayer blockchain, with trades settled in stablecoins such as USDC and USDT.
Under the structure, tokenized shares are created by a third-party tokenizer rather than the companies themselves. The tokenizer holds actual shares on a one-for-one basis through a registered broker-dealer, and token holders are entitled to receive the same dividends and voting rights as traditional shareholders.
However, trading on OKXICE carries notable trade-offs. The platform is not registered with the SEC, is not subject to Regulation NMS rules designed to protect investors, and does not guarantee fair access to all participants. Trading volume is capped at a small portion of each stock's normal trading volume, and platform administrators can upgrade smart contracts without advance notice.
