A proposed OKX and Intercontinental Exchange (ICE) platform for trading tokenized U.S. stocks is facing growing opposition from listed companies. By Nov. 5, 54 of the 62 companies initially slated for the platform had objected. Apple, Home Depot, Boeing, ServiceNow and GE Vernova are among the latest, leaving the project’s launch and planned stock lineup uncertain.
The joint venture, co-chaired by former New York Gov. Andrew Cuomo, announced the plan last October. It proposed round-the-clock trading in tokenized versions of 62 U.S.-listed stocks. These blockchain-based products represent traditional shares, but could trade on different platforms and schedules from conventional securities markets. Issuer objections have emerged as a key factor in whether the proposal can proceed as planned.
Apple, Boeing and others object to the plan
Boeing and enterprise software company ServiceNow joined the objection list on Wednesday, a day after Apple, Home Depot and GE Vernova did so. Companies that had objected earlier include Microsoft, Alphabet, Nvidia, JPMorgan Chase and Walmart. Home Depot declined to comment; Apple, Boeing, ServiceNow and GE Vernova had not immediately responded to requests for comment.
The objections also extend beyond the companies in the original proposal. Wells Fargo, Nebius Group, Arm Holdings, Cerebras Systems and Cigna Group have also raised concerns, although they were not among the stocks initially proposed for tokenized trading.
OKX-ICE has not said whether the growing number of objections will affect the platform’s planned launch timing. Public information does not yet indicate whether the venture will revise its proposed stock list, leaving its intended scope unclear.
SEC exemption gives companies 30 days to object
The project relies on a temporary exemption granted by the U.S. Securities and Exchange Commission in September. Eligible platforms can offer tokenized stock trading under specified conditions without registering as national securities exchanges. The framework does not require platforms to obtain issuers’ permission in advance, but they must notify the companies. Issuers then have 30 days to object and block their shares from being listed.
The SEC granted the exemption two days after the Clarity Act stalled in the Senate. The legislation aims to establish a regulatory framework for digital assets. The temporary exemption creates a route for eligible platforms to operate, while preserving companies’ ability to prevent their shares from being included within the objection period.
Most companies not publicly objecting have crypto ties
Eight of the 62 companies in OKX-ICE’s original proposal had not publicly objected as of the report. Most have links to cryptocurrency or blockchain businesses. They include Circle Internet Group, issuer of USDC; crypto exchange Coinbase; trading platform Robinhood; digital-asset custodian BitGo; bitcoin treasury company Strategy; and tokenization firm Securitize. Software company Palantir and server maker Super Micro Computer are also among the eight.
Network equipment maker Applied Optoelectronics has said it is unclear how the new framework could affect its share pricing, liquidity and volatility. The company is also concerned investors could mistakenly believe it sponsors or endorses the products. A company spokesperson said it sees no clear benefits that would offset those uncertainties.
Those concerns highlight issues beyond how tokenized shares are traded: issuers are also weighing possible effects on their stocks and the risk that investors could interpret a listing as company approval.