Wells Fargo and five others object to OKX-ICE tokenized stock listings: Report
As of Friday, 22 companies had filed objections as part of the joint venture’s proposed tokenized stock platform under the SEC’s innovation exemption.
A Reuters report has revealed that 22 companies objected to the tokenized stock listings planned by the joint venture between OKX and the Intercontinental Exchange (ICE). Six additional companies reportedly filed objections to listing their stocks in tokenized form as part of the proposed platform, called OKXICE. Wells Fargo, Arm Holdings, and Intuit joined the ranks of tech giants Microsoft and Alphabet, which previously voiced their concerns.
Notably, 16 of the objecting companies were listed on Nasdaq, while only six were available on the NYSE. Nasdaq previously cautioned companies about the potential consequences of participating in the SEC's innovation exemption for trading tokenized stocks, stating that the effects on liquidity, price discovery, and long-term shareholder value may not be evident until well after the experiment begins.
OKXICE co-chair and former New York Governor Andrew Cuomo expressed the expectation of further objections in order to avoid being the first to test the stock model. JPMorgan recently projected that Bitcoin would outperform US stocks and gold over the next decade.
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