IBM, Oracle, and Intel Opt Out of OKX-ICE Tokenized Stocks
IBM, Oracle, Intel, and IonQ join 26 objections to OKXICE. The joint venture is testing tokenized NMS stocks with stablecoin settlement under a new SEC framework.
Key Takeaways
- IBM, Oracle, Intel, and IonQ have objected to the tokenized stock plans of crypto exchange OKX and NYSE parent company Intercontinental Exchange, better known as ICE.
- That brings the total number of issuer objections to 26, according to Monday's updated notice.
- The SEC allows tokenized stock trading under certain conditions, but companies have 30 days to object.
IBM, Oracle, Intel, and IonQ have joined a growing group of companies that are not approving the tokenized stock plans of crypto exchange OKX and NYSE parent company Intercontinental Exchange, better known as ICE. That brings the total number of issuer objections to 26, while the joint venture vehicle prepares to test the new SEC framework for blockchain-based stock trading.
More Companies Say No
The four companies were named in an updated public notice on Monday, October 26, from OKXICE, the joint venture between the two parties. Earlier, companies including Microsoft, Alphabet, Goldman Sachs, Cisco, and Wells Fargo had already objected to having their shares offered through the platform.
The new names show that for OKXICE, this is not just about technology, but mainly about whether companies are willing to take part. Of the 62 companies on the original list, 23 have now objected, or about 37%, according to a CoinDesk count. There are also a few extra objections that fell outside that first selection.
What the SEC Allows
On September 17, the U.S. regulator granted a temporary and conditional Innovation Exemption for Tokenized Securities Venues. That lets platforms trade tokenized NMS stocks under certain conditions with permissioned automated market makers and liquidity pools, without immediately registering as a national securities exchange or alternative trading system.
In practice, that means venues like OKXICE can test blockchain stocks that are supposed to offer the same rights as regular NMS stocks. Companies then get 30 days to object before trading can begin. That opt-out makes it easy for issuers to say no, while staying silent could mean the trading goes ahead.
Why This Matters
For European crypto followers, this is especially relevant because it shows how far tokenization has already made its way into traditional market structure. With this exemption, the SEC is trying to modernize capital markets, including by linking blockchain to existing stock trading and potentially creating more transparency and liquidity. At the same time, the large wave of objections makes it clear that acceptance by listed companies is still far from guaranteed.
In its first notice on October 4, OKXICE had already explained that it wants to use Uniswap v4 liquidity pools on OKX's XLayer chain, with settlement in stablecoins. Andrew Cuomo, co-chair of OKXICE and former governor of New York, said last week that many companies will probably want to wait and see how this plays out before jumping in first.
