TLDR
- Twenty-two public companies have objected to having tokenized versions of their shares traded on the OKXICE venue.
- Wells Fargo, Cisco, Arm, Moderna, Intuit and Marvell were added on Friday.
- The venue runs under the SEC’s five-year Innovation Exemption and gives issuers 30 days to object.
- Nasdaq plans to object over market structure concerns, while Securitize and BitGo will not.
- OKXICE co-chair Andrew Cuomo called the framework a sandbox and said the objections were expected.
Twenty-two companies have now objected to having their shares traded in tokenized form on a new venue built by crypto exchange OKX and Intercontinental Exchange. The count rose after six more firms were named on Friday.
🚨BREAKING: Wall Street is fighting against tokenized stocks as 22 companies oppose OKX’s plan to bring their shares onchain.
Wells Fargo, Arm and Intuit are among the latest companies objecting to tokenized trading through OKXICE, the OKX–ICE joint venture. The number of… pic.twitter.com/Oxdd3GiM7O
— Coin Bureau (@coinbureau) October 24, 2026
Wells Fargo, Cisco, Arm Holdings, Moderna, Intuit and Marvell Technology were the latest to opt out. Reuters first reported the update.
They joined Microsoft, Alphabet, Goldman Sachs and McDonald’s, which objected earlier in the week. Three other firms were named with them on Monday.
How the SEC framework works
The venue operates under the SEC’s five-year Innovation Exemption. It lets qualifying tokenized securities venues test trading through automated market makers.
OKXICE posted its first public notice on Oct. 4. It plans to use Uniswap liquidity pools on OKX’s XLayer blockchain, with trades settled in stablecoins.
Venues must notify issuers and give them 30 days to object. If a company stays silent, trading can begin.
Law firm Latham & Watkins warned that silence is effectively permanent. The SEC order has no way to object after the window or to withdraw a non-objection.
The original roster covered 62 companies. Wells Fargo and Arm were not on it, while Cisco, Moderna, Intuit and Marvell were.
Why companies are saying no
Cuomo said the response was expected. He said many companies want to wait and see rather than be the first to take part.
He described the framework as a sandbox with limits on participating companies and trading volumes. Of the 22 objectors, 16 list on Nasdaq and six on the NYSE.
Nasdaq said it plans to object for its own stock. It warned that venues outside the National Market System could fragment liquidity and weaken price discovery.
Dave Hendricks of Vertalo said most companies did not know a third party had tokenized their stock. He said questions about shareholders, dividends and votes come fast.
Reid Noch of TD Securities said the benefit to issuers is hard to measure. Tokenization could draw overseas demand, but that may not offset the risks of thin, 24/7 trading.
Not every company is opposed. Securitize and BitGo said they will not object to inclusion on the venue.
Securitize CEO Carlos Domingo said an education process is underway. The firm has held webinars on trading models and shareholder rights.
As of Friday, OKXICE’s updated public notice listed 22 objecting companies. The 30-day period under the Oct. 4 notice is still running.
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