Intel, Oracle and IBM reject proposed tokenised share trading
Intel, Oracle, IBM and quantum computing company IonQ have objected to plans to trade blockchain-based versions of their shares through a venture backed by cryptocurrency exchange OKX and Intercontinental Exchange, raising the number of opposing companies to 26. The four names appeared in an updated public notice dated 26 October from OKXICE, the proposed trading venue jointly owned by…
Intel, Oracle, IBM, and quantum computing firm IonQ have opposed plans to trade blockchain-based shares via a venture backed by cryptocurrency exchange OKX and Intercontinental Exchange. This brings the total number of opposing companies to 26, up from 22 previously reported. The four companies are now part of a list that includes Microsoft, Alphabet, Broadcom, Qualcomm, Arm Holdings, Cisco, Goldman Sachs, Wells Fargo, and Verizon, among others.
The Securities and Exchange Commission's temporary framework permits trading venues to offer tokenised securities without issuer approval but allows companies to prevent unaffiliated parties from tokenising their securities. The SEC's exemption requires a venue to notify the issuer and grant at least 30 calendar days before trading begins, after which an issuer can object in writing to prevent the proposed listing.
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