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Wells Fargo, Arm and Intuit reject share tokenization on OKXICE
Objections from issuers now total 22, while the venture backed by OKX and Intercontinental Exchange had planned to tokenize 63 stocks.
Six additional companies have opposed having digital versions of their shares traded through OKXICE, including Wells Fargo, Arm Holdings and Intuit, a regulatory document shows. The platform is a joint venture backed by cryptocurrency exchange OKX and Intercontinental Exchange.
The objections bring the total to 22 issuers, without explanations for their decisions in the document. Nasdaq-listed companies account for 16 of them, with Microsoft and Alphabet among that group. The rest have listings on the ICE-owned New York Stock Exchange.
The venture's plans covered 63 stocks. Tokenization creates a digital representation of a stock that can trade using blockchain technology. Cryptocurrency industry advocates say the approach could support trading around the clock and instant settlement.
OKX and ICE applied in October to introduce the products through a new innovation exemption from the U.S. Securities and Exchange Commission. It waives many obligations applicable to conventional exchanges, but platforms must first notify issuers and cannot list tokens over their objections.
The SEC framework also requires tokens to carry rights equivalent to traditional securities, including dividends and shareholder voting. Nasdaq has expressed support for tokenization in principle while arguing that established trading rules and investor safeguards should remain applicable. It has warned that inadequate oversight could split liquidity and impair price discovery.
Wells Fargo declined to comment through a spokesperson. Arm and Intuit spokespeople did not immediately comment.