Tokenized Stocks Face 22 Issuer Objections

Plans by OKX and Intercontinental Exchange (ICE) to offer tokenized stocks face objections from 22 companies, including Microsoft, Alphabet, Goldman Sachs, Wells Fargo and Arm Holdings. The number rose from 16 after six more issuers objected on October 23. The objections put a substantial part of the proposed 63-stock lineup at risk, although the total number of affected stocks is unclear because at least one objecting company was not on the original list. Under the SEC’s five-year Innovation Exemption framework, companies have 30 days after notification to object to third-party tokenized versions of their shares. A valid objection would prevent OKX’s planned venue from offering those specific tokens, but would not prohibit the issuer from tokenizing its own shares or block other eligible securities. The companies have not collectively explained their reasons. The venture plans round-the-clock trading on the XLayer blockchain through permissioned Uniswap v4 liquidity pools, with stablecoin settlement using USDC, USDT and USDG. Shares are expected to be held through registered brokerage infrastructure, and the tokens are designed to provide equivalent shareholder rights. No launch date has been announced, and further objections may follow. For crypto traders, the dispute underscores issuer-consent and regulatory risks for tokenized stocks and could narrow the platform’s initial offering. The immediate effect is likely to remain concentrated in digital-asset tokenization, with limited direct impact on broader crypto prices.