SpaceX blocks tokenized stock listing on OKXICE despite offshore trading boom

SpaceX, along with 56 other companies, has objected to the proposal for tokenized stock trading on the OKXICE platform, despite the booming offshore trading of tokenized shares. The decision follows the successful trading of tokenized SpaceX shares on international exchanges since the company's June public offering. OKXICE, a joint venture between crypto exchange OKX and the New York Stock Exchange parent Intercontinental Exchange (ICE), had planned to offer US investors the chance to trade tokenized versions of SpaceX shares, a move that would tap into the world's largest equity market.

However, the Securities and Exchange Commission's five-year Innovation Exemption, introduced in September, allows platforms like OKXICE to provide such services without registering as national securities exchanges. Companies are given 30 days to object to the proposed trading of their tokenized shares. SpaceX's objection joins Tesla and Amazon in the list of companies opposing the proposed listings.

Despite the objections, the proponents argue that tokenized stocks can provide investors with round-the-clock exposure to traditional equities, potentially increasing liquidity and expanding the investor base for tokenized securities.