Alphabet, Microsoft add objections to OKX-ICE proposed tokenized stock platform

Approximately 25% of the US-listed companies included in the initial tokenized stock platform proposal by OKXICE are seeking to withdraw from the venture. More companies are formally objecting to the existence of tokenized versions of their shares on the proposed platform, which is a joint venture between cryptocurrency exchange OKX and the New York Stock Exchange's parent company, the Intercontinental Exchange (ICE).

OKXICE, also known as OKXICE, announced receiving 16 notices of issuer objections from prominent companies, including Microsoft, Alphabet (Google's parent), and Goldman Sachs. The nature of these objections remains unspecified, but an expert suggested they could be due to uncertainty regarding the future prices of the shares on the proposed platform.

OKXICE co-chair and former New York Governor Andrew Cuomo emphasized that these notices were not actual objections, citing the Securities and Exchange Commission's (SEC) support for a global 24/7 marketplace. Instead, he viewed objections as some companies observing the situation from the sidelines while others participate in the tokenized stock model.

Cuomo earlier mentioned during the SEC filing that the proposed platform would cover over 60 companies from US exchanges. Out of the 62 proposed companies, around 25% have lodged objections. The OKXICE platform aims to be operational 24/7, utilizing permissioned Uniswap v4 liquidity pools on XLayer, with each tokenized stock paired with one of three stablecoins: Tether's USDt (USDT), Circle's USDC (USDC), or Global Dollar (USDG).