OKXICE confirms Nov. 23 launch despite objections from 67 companies
OKXICE, a joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange, has announced plans to launch its tokenized securities trading platform on Nov. 23 under a new exemption introduced by the US Securities and Exchange Commission.
- OKXICE plans to launch its tokenized securities platform on Nov. 23 under the SEC’s five year innovation exemption, with trading available to eligible US customers.
- The platform has confirmed more than 70 assets, including 59 ETFs, with issuers such as Coinbase, Circle and Robinhood participating in the offering.
- At least 67 companies, including Meta, Tesla and Netflix, have objected to tokenized versions of their shares trading on the platform.
- Nasdaq has raised concerns that the SEC exemption could fragment stock trading by allowing tokenized securities to trade outside the National Market System.
The companies confirmed the launch date on Wednesday, Nov. 11, with the platform expected to support round-the-clock trading of tokenized US securities for eligible customers.
The announcement follows several weeks of objections from publicly traded companies that do not want third parties offering blockchain-based versions of their shares on the venue.
OKXICE confirms more than 70 assets for launch
According to the companies, OKXICE has secured participation from issuers including Coinbase, Circle and Robinhood, with more than 70 assets confirmed for the platform.
The planned selection includes 59 exchange-traded funds, although the announcement did not establish that every confirmed asset would become available on the first day.
Access will be restricted to US customers who have completed the required onboarding process and hold a CeDeFi Wallet.
The venue plans to operate through permissioned liquidity pools on OKX’s X Layer blockchain, using automated market makers to execute transactions instead of a conventional stock exchange order book.
Customers must complete identity and compliance checks before they can trade. The platform’s proposed structure requires approved wallets, while the underlying securities are represented by blockchain-based tokens.
Former New York Governor Andrew Cuomo, who serves as OKXICE co-chair, described the launch as an opportunity to develop onchain financial markets in the United States.
“The future of finance is onchain, and we have an opportunity to build it here in America, with the standards, safeguards and ambition that investors expect,” Cuomo said.
SEC exemption allows tokenized stock trading outside traditional exchanges
The platform will operate under the SEC’s September 17 exemption order, which established a temporary framework for certain tokenized securities venues.
The exemption lasts five years and allows qualifying operators to facilitate trading without registering as national securities exchanges under the usual definition.
It covers tokenized US stocks traded through approved automated liquidity pools, subject to conditions involving participant verification, trading restrictions and investor protections.
Unlike synthetic products that merely track share prices, eligible tokenized stocks must represent securities with the rights attached to the underlying shares.
The framework places restrictions on trading activity and does not permit qualifying venues to extend credit to customers purchasing tokenized stocks.
Earlier this month, Canton Strategic completed transactions involving its own tokenized common shares under the exemption.
The Nov. 4 transactions involved Five North as the seller, DRW Cumberland as the buyer and Flowdesk as the liquidity provider, with the securities issued through an arrangement involving the company itself.
Corporate objections to OKXICE reach 67 companies
OKXICE’s planned launch follows objections from 67 companies, according to its latest public notice dated Nov. 5.
The list includes Meta, Tesla, Netflix, Costco and Home Depot, alongside several other major technology and consumer businesses.
The number has risen considerably since October, when crypto.news reported 50 objections following opposition from Nvidia, Nike, Reddit and other publicly traded companies.
By Nov. 2, the total had reached 56, with Amazon, Tesla and SpaceX among the companies named in updated disclosures.
The SEC framework gives issuers 30 calendar days after receiving notification to object to an unaffiliated third party tokenizing their shares on a particular venue.
A timely objection prevents that venue from offering the affected securities under the exemption, although companies can still pursue other tokenization arrangements.
Applied Optoelectronics previously told The Wall Street Journal that it was concerned about potential effects on share prices, liquidity and volatility.
The company questioned whether investors might mistakenly believe it was involved in or supported the tokenized offering.
Nasdaq raises concerns over tokenized securities rules
Nasdaq has taken a different approach to stock tokenization and plans to exclude its own shares from trading under the SEC exemption.
In a Barron’s opinion article published Tuesday, Nasdaq Chief Legal and Regulatory Officer John Zecca argued that tokenized securities should preserve shareholder rights and give issuers meaningful control over how their shares are represented.
Zecca expressed particular concern about allowing securities to trade outside the National Market System, which provides established market reporting and transparency requirements.
He warned that separating tokenized trading from those systems could fragment the market.
Nasdaq is pursuing tokenization through its own partnership with Kraken parent Payward, in which it agreed to invest $100 million in September.
The partnership covers tokenized equities, market surveillance and blockchain-based settlement infrastructure, with Nasdaq Equity Tokens expected to launch in the second quarter of 2027.