More than half of the companies targeted by a proposed on-chain stock trading platform backed by crypto exchange OKX and Intercontinental Exchange have objected to having their shares tokenized, highlighting growing corporate concerns over the emerging market structure.

The objections include major companies such as

  • Microsoft,

  • Alphabet,

  • JPMorgan Chase,

  • Goldman Sachs and

  • Coca-Cola,

which are among the firms resisting the OKXICE venture’s plans to offer tokenized versions of publicly traded U.S. stocks.

 

INSTITUTIONAL | Intel, IBM, Oracle, Cisco, LonQ join Opposition to OKX-ICE Tokenised Stock Platform

 

The platform plans to use a 5-year innovation exemption granted by the U.S. Securities and Exchange Commission to facilitate round-the-clock trading and on-chain settlement of tokenized shares.

Companies have cited:

  • uncertainty over how tokenization could affect stock prices, liquidity, and volatility, as well as

  • concerns that investors could mistakenly believe they endorse products issued by third parties.

The resistance reflects a broader disagreement over how on-chain securities should integrate with traditional financial markets.

Nasdaq has warned that trading outside established market structures could fragment liquidity and weaken price discovery while proponents argue that tokenization could improve settlement efficiency and expand access to U.S. equities.

 

EDITORIAL | Why Accounting and Price Discovery Remain the Biggest Hurdles to Capital Markets Tokenization

 

Despite the pushback, tokenized stocks continue to grow offshore where crypto platforms offer investors exposure to U.S. equities without necessarily providing direct ownership or shareholder voting rights.

The objections highlight a central challenge for the industry where on-chain stock trading is gaining momentum, but corporate issuers remain unconvinced that the benefits outweigh the risks.

 

 

EXPERT OPINION | Tokenization Alone Will Not Fix Illiquid Assets, Say Industry Experts

 

 

 

 

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