Intel, Oracle, IBM, and IonQ oppose the OKX-ICE tokenized stock exchange, bringing the total number of companies opposed to 26 in less than two weeks.

Opposition to tokenized stocks from U.S. tech companies continues to grow. According to a public notice updated Monday by OKXICE TSV, the planned tokenized stock trading platform, Intel, Oracle, IBM, and quantum computing company IonQ are the latest to oppose having their shares traded on the platform.

OKXICE TSV is expected to operate as a 50/50 joint venture between Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), and OKX’s U.S. parent company. The list of objecting issuers has grown rapidly: 9 companies on October 15, with Verizon, Broadcom and UnitedHealth Group among the first; 16 companies on October 19; 22 companies on October 23, when Wells Fargo, Cisco and Marvell were added; and now 26. In less than two weeks, the number has nearly tripled.

Technology companies make up most of the list, including Microsoft, Alphabet, Broadcom, Qualcomm, Arm, Cisco, Intel and Oracle, alongside two banks, Goldman Sachs and Wells Fargo. The inclusion of IBM and IonQ adds two more representatives from the quantum computing sector. As with previous updates, the announcement does not state the reasons for the objections or clarify how they might affect the companies’ ability to have their shares traded on the platform.

The 24/7 trading model and regulatory gaps

Under the plan, OKXICE TSV will allow approved users to trade tokenized U.S. stocks around the clock through permissioned Uniswap v4 liquidity pools on OKX’s XLayer blockchain network. Tokenized stocks will be traded in pairs with stablecoins such as USDC. To participate, users must complete identity verification, undergo sanctions compliance checks and hold a non-transferable, identity-linked token.

The platform is expected to operate under an innovation exemption announced by the U.S. Securities and Exchange Commission (SEC) in September, after the Senate’s review of the Clarity Act stalled.

The latest announcement also highlights a significant risk for investors. Each token represents a claim on actual shares held by a third-party tokenization provider through a registered broker-dealer. If that broker-dealer fails, it is unclear whether tokenized shares held in self-custody wallets would be recognized as customer property or protected by the U.S. Securities Investor Protection Corporation (SIPC).

In addition, all trades must be fully funded before execution, with no margin trading or leverage allowed. Liquidity providers are not required to be registered market makers and can withdraw liquidity at any time, which could affect market depth during periods of volatility.

OKX and ICE began collaborating on tokenized securities early this year, before announcing plans to launch the trading platform in October. Growing opposition from the issuers themselves is raising questions about market acceptance of third-party tokenized stock models.