Wells Fargo, others object to OKX-ICE tokenized stock plan
Resistance is building against a proposed platform from OKX and Intercontinental Exchange that seeks to offer tokenized versions of U.S.-listed stocks. The latest objections bring the reported total to 22 companies, underscoring issuer concerns about how the model could affect trading and shareholder value.
Highlights
- Six additional companies including Wells Fargo, Arm Holdings, and Intuit have filed objections to the OKXICE tokenized stock listing plan, bringing the reported objector total to 22.
- Of the 22 companies objecting to the OKXICE proposal, 16 are listed on Nasdaq and six are listed on the NYSE, signaling widespread issuer pushback.
- Nasdaq's September guidance warned issuers about liquidity and price discovery risks with tokenized equities, underpinning growing market caution toward the OKXICE platform.
Issuer pushback expands as SEC filing advances
As reported by Cointelegraph, citing Reuters, six more companies have filed objections to having their shares listed in tokenized form on the proposed OKXICE platform, a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent of the New York Stock Exchange.The latest reported objectors include Wells Fargo, Arm Holdings and Intuit, adding to Microsoft and Alphabet over the last week. The venture proposed 62 companies for tokenized stock listings when it filed with the U.S. Securities and Exchange Commission earlier this month.
Of the 22 companies that have reportedly objected so far, 16 are listed on Nasdaq and six are available on the NYSE. Spokespeople for Wells Fargo and Arm Holdings declined to comment, while Cointelegraph said Intuit did not immediately respond to a request for comment.
Market caution grows around tokenized equities
Nasdaq released guidance in September for companies considering the SEC innovation exemption for trading tokenized stocks, warning issuers to be cautious about participating. The exchange said the consequences for liquidity, price discovery and long-term shareholder value may not become apparent until well after such an experiment is underway.Speaking to Cointelegraph on Tuesday, OKXICE co-chair and former New York Governor Andrew Cuomo said the company expects more objections as issuers try to avoid being among the first to test the model. The pushback highlights the regulatory and market-structure challenges facing efforts to bring tokenized versions of listed equities into broader trading.
Our earlier coverage of the AI-linked tech selloff detailed how hotter-than-expected U.S. inflation data revived expectations for further Fed tightening, pressuring Nasdaq-linked names and other major technology stocks. We noted that investors were reassessing the cost of financing large-scale AI infrastructure as yields rose and risk appetite weakened.
Latest Intercontinental Exchange News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
