OKX Files Application with SEC to Launch Tokenized Stocks of 63 Companies

OKXICE LLC has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a platform for tokenized stocks of 63 companies listed on the New York Stock Exchange (NYSE). According to Bloomberg, the application was filed on October 4. The campaign involves OKX and Intercontinental Exchange, the owner of NYSE, which has become a closer partner with OKX as part of a joint venture formed in June. The application proposes that digital versions of selected stocks will be available under the terms set by the new exemption for tokenized securities defined by the SEC. SEC rules require that tokenized stocks retain dividends, voting rights, and equivalent shareholder requirements. Issuers will have 30 calendar days to file objections before trading of tokenized stocks made by third parties begins.

Additionally, OKXICE must meet a number of regulatory conditions before its platform for tokenized stocks in the U.S. can commercially launch. In this context, the conditions include providing public and verifiable smart contracts, as well as maintaining the availability of transaction information. The project aims to expand customer access to ICE futures and tokenized stocks related to NYSE. Andrew Cuomo, former governor of New York and co-chairman of OKXICE, noted that "the next chapter of financial markets will be defined by how well innovation and government regulation can move forward together."

In accordance with SEC recommendations, tokenized stocks must provide their holders with the same rights and privileges as ordinary shares of the equivalent class. It is important to note that existing tokenized stocks from OKX, offered outside the U.S., do not represent ownership rights in the companies and do not provide shareholder voting rights.