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Growing List of Firms Object to OKX-ICE Tokenized Stock Plans
Intel, Oracle, IBM, and IonQ are among 26 companies now objecting to tokenized trading of their shares on OKX and Intercontinental Exchange's blockchain venture. This represents a significant portion of the companies initially listed for this service. Their objections highlight a challenge for OKXICE and the SEC's new tokenized stock trading framework. The framework aims to allow for round-the-clock blockchain-based stock trading through an "Innovation Exemption." However, it also provides public companies with a mechanism to opt out of having their shares tokenized and traded. OKXICE initially announced its plans on October 4th. These plans involve using Uniswap v4 liquidity pools on OKX's XLayer blockchain. Transactions were intended to be settled using stablecoins. The trading venue would utilize automated market makers instead of traditional order books. Under the regulatory framework, companies like OKXICE must notify issuers and allow a 30-day period for objections before proceeding with tokenized share offerings.