Opposition to OKXICE’s tokenized stock proposal has grown to 33 companies, representing more than half of the 62 issuers initially targeted by the joint venture between OKX and Intercontinental Exchange. JPMorgan Chase, AMD, Coca-Cola, Applied Materials, Adobe, Dell and SanDisk were added to the opposition list in an updated notice filed on Tuesday evening. OKXICE had proposed a platform enabling tokenized versions of publicly traded stocks to trade 24 hours a day, with faster settlement, broader access and greater flexibility. These objections fall under the SEC’s Innovation Exemption framework, which allows issuers to object to the tokenization of their securities on a specific venue without amounting to a blanket rejection of tokenization. JPMorgan and the other opposing companies said their concerns relate to consultation, custody and the representation of shares on the blockchain network, rather than tokenized equities in general.
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