OKX-ICE tokenized stock plan draws majority opt-outs as Walmart, Eli Lilly join objections

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OKX-ICE tokenized stock objections

Highlights

Walmart, Eli Lilly, Carnival, Arcos Dorados, and Cigna joined objections to OKXICE's tokenized stock plan, raising opt-outs to 38 of 62 companies.
The SEC's five-year exemption lets issuers object within 30 days, leading to most companies opting out of unaffiliated third-party tokenization amid market structure concerns.
Canton-based marketplace TSV LLC, backed by issuer-sponsored tokenization via Fairmint, could begin trading shares as early as Monday without the 30-day objection hurdle.

Issuer objections expand under SEC framework

As reported by CoinDesk, Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna were added in an Oct. 28 public notice from the OKXICE venture, bringing disclosed objections to 38 of the original 62 companies, according to the outlet's tally.

The companies are opting out of unaffiliated third-party tokenization under the Securities and Exchange Commission's five-year exemption, which gives issuers 30 days to object after being notified. If a company stays silent, trading can proceed, and the framework does not include a later mechanism to withdraw consent.

The growing list of objections points to caution among issuers as a new market structure emerges for tokenized U.S. stock trading. While the model could widen access and extend trading hours, companies are still assessing potential investor demand and the implications of how tokenized shares would be represented and traded.

OKXICE issued its initial public notice on Oct. 4, setting out plans for round-the-clock stock trading. Under the exemption, qualifying venues can trade tokenized U.S. stocks through automated market makers, software that executes trades using pools of assets.

Rival Canton venue advances issuer-backed model

JPMorgan Chase, whose objection appeared in Tuesday's notice, says the decision does not rule out future participation. A spokesperson tells CoinDesk the bank sees promise in tokenization but wants to be deliberate about how its shares are represented and traded, adding that it will keep evaluating opportunities as the market develops.

At the same time, Canton Strategic Holdings says its shares could begin trading on Canton-based marketplace TSV LLC as early as Monday, with Fairmint serving as transfer agent. That structure uses issuer-sponsored tokenization, which avoids the 30-day objection process required for unaffiliated third-party tokenization.

The contrast between the two approaches shows how tokenized equity trading is developing along different paths. One model relies on venue-led listing plans that can trigger issuer resistance, while the other proceeds with direct company backing, potentially smoothing the route to launch.

Walmart’s improving investor outlook amid persistent inflation was the focus of our earlier coverage. We noted that the retailer’s value proposition is strengthening budget-conscious demand, while expanding higher-margin businesses, automation, and digital services—such as the AI-powered Sparky shopping assistant—could support further upside for the stock.

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