US tokenised-stock infrastructure is facing a practical constraint: issuers can object to their shares being represented on certain proposed venues. Objections have been reported from Wells Fargo, Arm and Intuit to a planned tokenised-stock venture involving OKX and Intercontinental Exchange. The SEC’s innovation exemption includes notice and operating requirements, and a venue’s publication does not mean that the regulator has endorsed all of its claims. Key developments to watch include amendments to venue notices, further issuer responses, launch dates and evidence of reliable corporate-action processing and shareholder-right administration. The development may strengthen platforms’ legal and operating capabilities, but it does not by itself determine how tokens will be valued.
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