38 companies oppose OKXICE tokenized stocks amid Nasdaq lobbying claims

Nasdaq has reportedly encouraged companies listed on its exchange to oppose tokenized trading of their shares through OKXICE, as the number of corporate objections to the proposed blockchain stock market reached 38.

An executive at a Nasdaq-listed company said an exchange representative contacted the company and suggested filing an objection, according to Jacquelyn Melinek. The representative reportedly offered to arrange a call explaining the reasons for opposing the proposed trading venue.

The allegation surfaced as OKXICE, a venture between cryptocurrency exchange OKX and New York Stock Exchange parent Intercontinental Exchange, prepared to introduce round-the-clock trading in tokenized U.S. stocks.

Nasdaq declined to comment directly on the reported outreach, according to journalist Eleanor Terrett.

🚨NEW: A Nasdaq spokesperson declined to comment on claims that its representatives urged listed companies not to have their shares tokenized through OKXICE. The spokesperson reiterated that Nasdaq plans to stay out of venues operating under the SEC’s innovation exemption, saying… https://t.co/OyilyWkcl3

— Eleanor Terrett (@EleanorTerrett) October 29, 2026

Nasdaq faces questions over OKXICE tokenization objections

The company’s response maintained its opposition to tokenized stock venues operating outside established market structures.

“We remain committed to tokenization and are actively building that future through the Nasdaq Equity Token, an issuer-centric model that brings the benefits of tokenization into the established market framework,” a spokesperson told Terrett.

Nasdaq said it does not intend to operate a Tokenized Securities Venue (TSV) under the SEC’s temporary innovation exemption. The exchange is instead working with Kraken on a separate tokenization model targeted for the second quarter of 2027.

Separately, Nasdaq denied involvement in a Wall Street Journal advertisement concerning tokenization, saying it had not authorized the use of its published materials or related QR code.

Of the 38 companies that have formally objected to OKXICE, 23 are Nasdaq-listed, according to Terrett’s reporting.

Walmart and Eli Lilly join growing opposition

OKXICE’s October 28 public notice identifies Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna as the latest companies to submit objections.

The list grew from 33 companies on October 27 to 38 the following day. Earlier objections included Microsoft, Alphabet, Intel, AMD, JPMorgan Chase and Goldman Sachs.

As previously reported by crypto.news, the venue had disclosed just nine objecting issuers in its October 15 notice. The latest filing therefore shows how quickly corporate opposition has accumulated.

The original October 4 proposal identified 62 companies represented by 63 stock symbols. However, not every company that subsequently objected appeared on that initial list.

Neither the October 28 notice nor the objections recorded within it explain why individual companies rejected the proposed trading arrangements.

JPMorgan Chase previously told CoinDesk that its objection did not rule out participating in tokenization projects later. The bank said it wanted to consider carefully how its shares would be represented and traded.

SEC rules give companies 30 days to object

Under the SEC’s September 17 exemption, qualifying venues may offer tokenized U.S. shares through permissioned automated market makers without registering as conventional securities exchanges for those activities.

When an unaffiliated third party tokenizes a company’s stock, the venue must notify the issuer before trading begins.

Companies then have 30 calendar days from receipt of that notice to submit a written objection. A timely objection prevents that particular venue from offering the affected shares under the exemption.

The order does not provide a comparable late-objection procedure once the initial period expires. Consequently, an issuer that misses the deadline cannot rely on the original objection mechanism to stop trading later.

The restriction concerns a particular venue and third-party tokenization arrangement. It does not prohibit the company from sponsoring its own tokenized shares elsewhere.

OKXICE proposes using permissioned Uniswap v4 liquidity pools on X Layer, with tokens backed by underlying shares held through a broker-dealer.

Canton Strategic prepares separate tokenized stock launch

Another approach is emerging through Canton Strategic Holdings, which announced plans to make its shares available on TSV LLC using the Canton Network.

In its October 29 announcement, the company said trading could begin as early as November 2, subject to regulatory and operational requirements.

Fairmint, an SEC-registered transfer agent, will handle the issuer-sponsored tokenization process.

Unlike unaffiliated third-party tokenization, the arrangement involves the company’s direct participation and therefore does not require the 30-day issuer-objection process.

Canton Strategic said its tokenized shares would retain the rights of conventional shareholders, including voting and distributions. TSV plans to support trading through automated market-maker pools, with identity checks and restrictions for participating wallets.