Public companies object to OKX-ICE’s tokenized stock plan
Nine public companies objected to having their shares offered in tokenized form by OKX and ICE, testing whether platforms can create blockchain-based markets without issuer consent.
Nine prominent companies, including Cerebras Systems, AppLovin, and UnitedHealth Group, have formally objected to the tokenized stock offerings proposed by OKX and Intercontinental Exchange (ICE). The companies have raised concerns about not being informed of potential price fluctuations once the tokens are traded on the blockchain.
The SEC's innovation exemption allows tokenized venues to provide written notice and a chance for issuers to object before listing third-party tokenized stocks. Robin Nordnes, CEO of Raiku, explained that on a public chain, validators determine the block order, which impacts best execution. Misha Putiatin, co-founder of Symbiotic, stated that companies need to see the benefits and risks of tokenized stocks, with more real-world data being crucial.
Nolan from CoinShares noted that the objection is not a rejection of tokenization but specifically against being tokenized without consent and on a specific venue. He emphasized that market participants have faced price volatility due to onchain capital movements.
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