38 Companies Oppose Tokenized Stock Trading via OKXICE

The number of companies officially objecting to the tokenized trading of their shares through OKXICE has reached 38. In the notification dated October 28, Walmart, Eli Lilly, Carnival, Arcos Dorados, and Cigna were named: the list grew from 33 companies on October 27 to 38 the next day. Previously, objections were filed by Microsoft, Alphabet, Intel, AMD, JPMorgan Chase, and Goldman Sachs. In the notification dated October 15, there were only nine objectors, while the initial proposal from October 4 concerned 62 companies and 63 tickers.

According to journalist Jacquelyn Melinek, Nasdaq representatives offered companies on their listing to object to tokenized trading through OKXICE: an executive from such a company reported that a representative from the exchange contacted him and offered to organize a call explaining the reasons. Nasdaq declined to comment directly on these reports but confirmed support for its own issuer-oriented model: “We remain committed to tokenization and are building it through the Nasdaq Equity Token – a model that brings the benefits of tokenization within established market frameworks.” The exchange stated it does not intend to operate like TSV under the temporary SEC exemption and is developing a separate model with Kraken by Q2 2027, and also rejected participation in WSJ advertising about tokenization. Of the 38 objectors, 23 are registered on Nasdaq.

Legal Framework

Under the SEC exemption from September 17, qualified platforms can offer tokenized US stocks through a permissioned-AMM without registering as regular exchanges. Before trading begins, the platform must notify the issuer, and the company has 30 calendar days to file a written objection: a timely protest prevents the specific platform from offering these stocks under the exemption. There is no procedure for late objection, and the restriction does not prohibit the company from sponsoring its own tokenized stocks elsewhere. OKXICE plans permissioned pools on Uniswap v4 on X Layer with tokens backed by stocks through a broker-dealer.

Alternative Approach

Canton Strategic Holdings announced on October 29 that it will make its shares available on TSV LLC through the Canton Network: trading could begin as early as November 2, subject to regulatory and operational requirements. The issuer-sponsored tokenization process is led by Fairmint, a registered SEC transfer agent. Since the company is directly involved, the 30-day objection process is not required, and the tokenized shares will retain the rights of regular shareholders, including voting and distributions. TSV plans AMM pools with identity verification and wallet restrictions.