In brief
- Intel, Oracle, IBM and IonQ joined the list of companies objecting to trading of their shares on OKXICE TSV, according to its Oct. 26 notice.
- The total has climbed from nine on Oct. 15 to 26, though the notices dont explain the objections or their effect.
- The notice says its uncertain whether tokenized shares in self-custodied wallets would be protected by SIPC if the tokenizers broker-dealer failed.
The tech sectors resistance to tokenized stocks keeps building.
Intel, Oracle, IBM, and quantum computing firm IonQ are the latest companies to object to having their shares traded on OKXICE TSV, according to an updated public notice from the venue dated Monday.
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The planned platform, a 50-50 joint venture between NYSE owner Intercontinental Exchange and OKXs U.S. holding company, now lists 26 objecting issuers.
Thats up from 22 in its Oct. 23 notice, which added Wells Fargo, Cisco, and Marvell. The tally stood at 16 on Oct. 19 and nine on Oct. 15, when the first batch included Verizon, Broadcom and UnitedHealth Group. In less than two weeks, the list has nearly tripled.
Technology companies dominate the roster. Microsoft, Alphabet, Broadcom, Qualcomm, Arm, Cisco, and now Intel and Oracle have all objected, along with banks Goldman Sachs and Wells Fargo.
IBM and IonQ add two quantum computing players. As before, the notices don‘t explain the companies’ reasons or what an objection means for whether a stock can trade on the platform.
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OKXICE TSV plans to let approved users trade tokenized U.S. stocks 24/7 through permissioned Uniswap v4 liquidity pools on OKXs XLayer blockchain, paired with stablecoins such as USDC.
Users must pass identity and sanctions checks and hold a nontransferable “soulbound” token to trade. The venue is set to operate under the SECs innovation exemption, which the agency unveiled in September after the Clarity Act stalled in the Senate.
The latest notice highlights a key risk for investors. Each token represents a claim on a real share held by a third-party “tokenizer” through a registered broker-dealer. If that broker-dealer failed, the notice says, its uncertain whether tokenized shares in a self-custodied wallet would count as customer property or be covered by the Securities Investor Protection Corporation, which protects brokerage customers when firms fail.
The notice also says trades must be fully funded, with no margin or borrowing. Liquidity providers dont have to be registered market makers and can pull their liquidity at any time.
OKX and ICE first teamed up on tokenized securities earlier this year before unveiling plans for the venue this month.
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