Headline: Apple and Meta complete the “Magnificent Seven” walkout — 67 companies now block OKX‑ICE’s tokenized stock venue Every member of Wall Street’s so‑called “Magnificent Seven” has now formally asked to be excluded from OKX and Intercontinental Exchange’s planned tokenized stock venue, according to an updated notice from the joint venture. The latest filing, dated Thursday, adds Apple and Meta Platforms to a growing list of objecting issuers — bringing the total to 67 companies that don’t want their shares tokenized and traded on the OKX‑ICE platform. What changed in the notice - Apple and Meta are among 11 freshly added objectors. The other newcomers listed are Home Depot, Boeing, GE Vernova, Palantir, ServiceNow, S&P Global, KLA, Super Micro Computer and Nebius Group. - These additions join earlier objectors including Microsoft, Alphabet, Amazon, Nvidia and Tesla. With Apple and Meta now included, the group of big tech names that make up a large portion of the S&P 500’s market value is fully on the “no” list. - The number of objectors has risen rapidly: nine companies were listed on Oct. 15, the tally jumped to 56 in the Nov. 2 notice, and now stands at 67. A notable irony and who’s not on the list - Meta’s objection carries a bit of irony: the company once tried to launch its own stablecoin, Libra (later Diem), before shelving the project amid regulatory pressure in 2022. - Several crypto‑friendly or otherwise notable companies do not appear on OKX‑ICE’s list, including Coinbase and Robinhood. Coinbase, for example, began offering tokenized stocks to non‑U.S. users on its Base network in August. Big names such as Berkshire Hathaway, Visa and Exxon Mobil are also absent from the notice — it’s unclear whether they were notified or chose not to object. Why these objections matter (regulatory mechanics) - The filings reflect the SEC’s “innovation exemption” process, introduced in September. Under that order, a venue planning to offer tokenized versions of U.S. shares must notify the issuer ahead of launching the tokenized product. If the issuer objects in writing within 30 days, the venue is barred from making that stock available on its platform. That prohibition, however, applies only to the notifying venue — not to tokenization in general. What OKX‑ICE TSV is proposing - OKXICE TSV is a 50/50 joint venture between ICE (owner of the NYSE) and OKX’s U.S. holding company. The venture plans to offer tokenized U.S. stocks 24/7 via permissioned liquidity pools on OKX’s XLayer blockchain. An independent “tokenizer” would back tokens one‑for‑one with actual shares held through a registered broker‑dealer. The practical implication - With many of the market’s largest and most liquid names opting out, it’s unclear which major stocks OKX‑ICE will be able to list at launch. The venue’s notices have not enumerated which tokenized shares it intends to offer, leaving questions about the initial product mix and market appeal. Bottom line The mass of objections — capped off by Apple and Meta — is a significant early test of how traditional issuers will respond to tokenization. The SEC’s notification rule gives companies a clear and fast way to block particular venues, and many large issuers appear to be using it. For OKX‑ICE, the challenge now is whether it can assemble a compelling slate of tokenized stocks without several of the market’s names that drive liquidity and investor interest. Read more AI-generated news on: https://app.chaingpt.org/news
