- JPMorgan Chase, Advanced Micro Devices, Applied Materials, Coca-Cola, Adobe, Dell Technologies and Sandisk are the latest companies to object to having their shares tokenized on OKXICE, the joint venture of crypto exchange OKX and NYSE parent Intercontinental Exchange. The seven additions bring disclosed objections to 33, up from 26 in Monday’s notice.
- They join Broadcom, Verizon, UnitedHealth, Goldman Sachs, McDonald’s, Microsoft, Oracle and Intel. By CoinDesk’s tally, 30 of the 62 companies originally proposed for trading have now opted out, about 48% of the initial roster.
- The venue plans round-the-clock, stablecoin-settled trading through Uniswap v4 liquidity pools on OKX’s XLayer blockchain under the SEC’s five-year “Innovation Exemption,” and companies have 30 days after notification to object.
- JPMorgan said it still backs the technology. “We are encouraged by the potential of tokenization but also need to be thoughtful about how our shares are represented and traded,” a spokesperson told CoinDesk, adding the bank will keep evaluating opportunities as the market develops.
What Happened?
OKXICE published an updated public notice dated Oct. 27 listing the new objectors, according to a regulatory filing cited by the WSJ and CoinDesk. The venue said in its initial Oct. 4 filing that it intended to launch trading for 62 US-listed companies after the SEC cleared a path last month for venues to offer tokenized stocks. Some objecting firms, such as Wells Fargo, Arm and Cerebras, were not on that original list. OKXICE co-chairman Andrew Cuomo has described the SEC’s limited experiment as “a sandbox—a model demonstration.”
Why It Matters?
The pushback is turning into a referendum on how tokenized equities will be built in the US. Some Wall Street players have warned that the SEC framework could create a shadow equity market with fragmented liquidity and weaker investor protections, according to the WSJ. With nearly half the launch roster opting out, the venue risks debuting with a thin lineup, which would undercut the liquidity that makes 24/7 trading attractive. Issuers appear to prefer models they control over third-party wrappers of their stock.
What’s Next?
Watch whether more of the remaining roster objects before their 30-day windows close and whether OKXICE launches with a reduced list. The contrast with DTCC’s tokenization service, which went live Wednesday with major banks signed up, suggests institutional tokenization may advance through existing market infrastructure first. Any SEC response to issuer concerns will shape how quickly tokenized stock trading scales.
Affected Tickers and Coins: JPM, AMD, KO, DELL, ADBE, AMAT, SNDK, ICE
