OKXICE, the joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), parent company of the New York Stock Exchange (NYSE), filed a notice with the SEC on October 5, 2026, to launch a 24/7 tokenized US stock trading venue under the regulator’s new innovation exemption.
🔑 Key takeaways
- OKXICE filed with the SEC on October 5, 2026, to tokenize 60+ US stocks for round-the-clock trading
- SEC innovation exemption (September 17, 2026) opens the door for a five-year period
- 75-stock cap per platform, trading limited to 0.25% of daily average volume per security
- Nvidia, Apple, Tesla, SpaceX and Coinbase among targeted companies
- SIFMA and Better Markets criticize a fragmented regulatory landscape
The SEC Filing
On Sunday, October 5, 2026, OKXICE filed a notice with the Securities and Exchange Commission (SEC) to launch a platform for trading tokenized US securities. The move relies on the innovation exemption published by the SEC on September 17, 2026, which allows qualifying platforms to trade tokenized versions of US stocks for a period of five years without having to register as a traditional exchange. This new rule represents a major shift in how the US regulator approaches alternative markets.
The regulatory framework imposes several precise safeguards:
- Each platform can list a maximum of 75 large US stocks;
- Trading volume is capped at 0.25% of the daily average volume of each security on the primary market;
- Tokens must retain the same rights as the underlying stocks, including dividends, voting rights, and claims in the event of liquidation;
- Margin trading and initial public offerings through these platforms remain prohibited;
- If a stock is suspended on its primary market, trading of the corresponding token must stop immediately.
Over 60 Companies Targeted
The platform planned by OKXICE aims to cover more than 60 US-listed companies. The roster includes traditional giants such as Nvidia, Apple, Microsoft, Amazon, Tesla, JPMorgan Chase, Walmart, Netflix, Coca-Cola, Goldman Sachs, Boeing, Cisco, and IBM. Companies tied to the crypto ecosystem are also included: Coinbase, Robinhood, Circle, Palantir, AMD, and Reddit. SpaceX, Elon Musk’s recently publicly traded space company, also appears on the list.
Cerebras, the AI chipmaker, has already exercised its right to object. Issuers have a 30-day window to oppose the tokenization of their stocks; an objection prevents the creation of an unaffiliated token for that security.
| Category | Examples | Count |
|---|---|---|
| Classic tech | Nvidia, Apple, Microsoft, Amazon | 25 |
| Financial services | JPMorgan Chase, Goldman Sachs | 8 |
| Crypto / Web3 | Coinbase, Robinhood, Circle | 6 |
| Industrial / consumer | Boeing, Walmart, Coca-Cola | 15 |
| Growth companies | SpaceX, Reddit, Palantir | 8 |
Technical Architecture on X Layer
Technically, trades will execute on X Layer, OKX’s Layer 2 network, through permissioned liquidity pools built on Uniswap v4. Each stock token will be swapped against stablecoins: USDC, USDG, or USDT, with instant on-chain settlement. Users will hold their tokens in their own wallets, while OKX, through its US division, will handle identity verification and anti-money laundering (AML) checks.
Approved wallets will receive a non-transferable token serving as a digital credential to access the pools. OKXICE does not operate as a traditional exchange: the platform maintains no order book and holds no client assets. Prices are determined exclusively by the asset ratio within the liquidity pools, without external market data feeds. The company is not registered with the SEC for this activity and falls outside the scope of Regulation NMS and fair-access rules that apply to traditional exchanges. No launch date or fee structure has been announced at this stage.
Reactions: Support and Criticism
Andrew Cuomo, co-managing director of OKXICE and former governor of New York State, commented on the initiative:
“This is a milestone toward a truly global Wall Street, open 24 hours a day — and toward keeping the future of digital finance on American soil”
Andrew Cuomo, Co-Managing Director, OKXICE
He added: “The digital asset revolution is already transforming our financial system. Tokenized securities are part of what comes next. And we are just getting started.”
Star Xu, founder and CEO of OKX, emphasized the importance of shareholder rights: “Tokenization can make public markets more open, fluid, and always available. The future of markets is real ownership, on-chain. Full shareholder rights are what makes this possible.”
Jeffrey C. Sprecher, CEO of ICE, highlighted the strategic fit between the two groups: “Our strategic relationship with OKX will extend global retail access to ICE’s leading regulated markets and accelerate our on-chain infrastructure and tokenized asset initiatives for American investors.”
The ICE-OKX tie-up was formalized in March 2026, when ICE took a minority stake in OKX, valuing the company at $25 billion. ICE received a seat on OKX’s board of directors. The two groups plan to collaborate on market structure design, clearing and risk management, data, and institutional access to digital assets.
Not all reactions have been favorable. SIFMA (Securities Industry and Financial Markets Association), the lobbying group representing US securities firms, warned that the exemption could allow multiple tokenized versions of the same stock to trade in parallel on lightly regulated markets, to the detriment of investors. Kenneth Bentsen, SIFMA CEO, stated that this could create confusion and harm investors, in addition to causing price fragmentation and liquidity problems. The association advocates for a formal regulatory process rather than temporary measures.
Better Markets, another advocacy group, was more direct. Benjamin Schiffrin, its director of securities policy, stated:
“The SEC has essentially created two regulatory regimes for stock trading”
Benjamin Schiffrin, Better Markets
Market Context and Competition
Market data corroborates the growing interest in this asset class. According to RWA.xyz, tokenized stocks currently represent a market capitalization of approximately $3.2 billion, up 15% in the last month. OKX already lists more than 70 of these tokens for non-US clients, issued under offshore rules. OKXICE aims to bring this activity to US soil, guaranteeing full dividend and voting rights.
The platform is not alone in this niche:
- Bullish acquired stock transfer agent Equiniti for $4.2 billion to position itself in tokenized stocks;
- Robinhood and Kraken with its xStocks product already offer equity-linked tokens, primarily outside the United States;
- Ondo Finance offers tokens reflecting stock prices without full shareholder rights;
- These players will need to adapt their products to comply with new US regulations if they wish to serve this market.
Conclusion: A Major Milestone for Tokenized Finance
OKXICE’s SEC filing marks a significant milestone in the convergence of traditional markets and blockchain technology. By pairing the legitimacy of ICE and the NYSE with OKX’s technical expertise, the project aims to open global retail access to tokenized US stocks, available around the clock with full rights attached to the underlying securities.
Several scenarios are plausible. In the favorable case, the five-year exemption allows OKXICE to establish a proven model before a permanent regulatory framework. In the adverse scenario, objections from issuers such as Cerebras, pressure from SIFMA, and risks of price fragmentation could limit adoption. Either way, with a tokenized stock market already at $3.2 billion and growing rapidly, the battle to control the next generation of financial markets is now open on US soil.
Sources
This article is published for informational and educational purposes only. It does not constitute investment advice in any way. Do your own research (DYOR) before making any decision.
