Six More Companies Object to OKX-ICE Tokenized Shares

Six companies, including Wells Fargo, Cisco, Marvell Technology, Arm Holdings, Intuit and Moderna, have objected to having their shares listed as blockchain-based tokens on the proposed OKX-ICE trading venue, bringing the total number of objectors to 22, according to a regulatory notice. The objections block the companies’ shares from being offered on that venue under the framework described in the notice. They do not establish that the companies oppose stock tokenization in general. The notice does not state why the six companies objected. OKX-ICE is a joint venture backed by cryptocurrency exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange. The venture has proposed a platform for trading digital tokens representing conventional shares. Its plan is intended to enable continuous trading, including outside the hours of traditional stock markets. Under the Securities and Exchange Commission framework cited in the venture’s rules, companies must receive notice before their shares are offered in tokenized form on the venue. Issuers can prevent a listing by objecting. The filing describes the objections as applying to the OKX-ICE platform,...