Nvidia and Nike have joined the opposition to the OKX-ICE Tokenized Stock Plan, pushing reported issuer objections to 50. The increase was documented in an October 30 public notice, with Costco, Micron Technology and Reddit also newly listed as objectors.
The count rose from 38 objections on October 28 to 50 on October 30, before any confirmed launch date was announced. Earlier objections came from Microsoft, Alphabet, JPMorgan Chase, Goldman Sachs, Walmart and Eli Lilly, spanning technology, banking, retail and healthcare sectors.
How the SEC Framework Works
The OKX-ICE Tokenized Stock Plan operates under an SEC Innovation Exemption announced September 17. Under this framework, issuers receive notice before an unaffiliated third party offers tokens linked to their stock and have 30 calendar days to object in writing.
An objection prevents that token from trading on the notified venue, though it does not prohibit other platforms or prevent company-sponsored tokenization. The venture initially proposed tokenizing shares from 62 companies.
Trading Parameters and Restrictions
The plan proposes 24-hour trading through permissioned Uniswap v4 pools on X Layer. A broker-dealer would hold underlying shares, and investors could exchange tokens for USDC, USDG or USDT after eligibility checks.
The SEC framework establishes strict volume limits for eligible stocks. Trading in 75 leading stocks would be capped at 0.25% of the previous month's average daily volume, while another 250 symbols face a 2.5% ceiling. Trading must halt whenever the underlying stock is halted on its primary exchange.
Stock tokens must preserve equivalent voting and dividend rights. Prospective prices could differ from traditional market quotes outside regular hours, a risk that echoes concerns previously raised about liquidity, volatility and possible confusion over issuer endorsement.
