Intel, Oracle, IBM join growing list of firms objecting to OKX–ICE tokenized stock plans

Four major tech firms, IBM, Oracle, Intel, and IonQ, have decided to withdraw their support from the proposed blockchain-based trading of their shares by OKX and NYSE parent Intercontinental Exchange (ICE). This brings the total number of companies opposing the plans to 26. The four firms were mentioned in an updated public notice from OKXICE, the joint venture between the two entities, dated Monday, Oct.

26. They join a list that already includes other major players such as Microsoft, Alphabet, Goldman Sachs, Cisco, and Wells Fargo. This extensive list of objections highlights the challenges faced by OKXICE and the SEC's new framework for tokenized stock trading. The framework allows qualifying venues to test round-the-clock blockchain-based trading of stocks, but also provides public companies with the option to block the offering of their shares.

The SEC's five-year "Innovation Exemption" grants such venues the opportunity to test this innovative trading method. Each of the newly disclosed objectors was part of the initial 62 companies in OKXICE's proposed roster, raising their number of objections to 23, or approximately 37%, according to CoinDesk's calculations. This growing list underscores the cautious approach of issuers towards the SEC's new framework, despite the potential benefits that tokenization could bring, such as attracting additional demand from overseas investors.