Nine US-listed companies have formally objected to the inclusion of their shares in a proposed stock token market managed by OKXICE, a joint venture between the cryptocurrency exchange OKX and the Intercontinental Exchange (ICE), which owns the New York Stock Exchange (NYSE). These objections were revealed in documents released by OKXICE on the 15th. This development creates an unusual scenario where the target companies are effectively stalling the service just before its scheduled debut.
The nine companies that filed objections are CoreWeave (CRWV), Broadcom (AVGO), Verizon (VZ), Cerebras Systems (CBRS), AppLovin (APP), Applied Digital (APLD), Rocket Lab (RKLB), Applied Optoelectronics (AAOI), and UnitedHealth Group (UNH). These firms represent a diverse range of sectors, including telecommunications, healthcare, and semiconductors.
OKXICE intends to launch a marketplace where “stock tokens”—backed by actual shares—can be traded using stablecoins. In an announcement made on October 4, the venture targeted over 60 US stocks and promised 24/7/365 trading availability. According to the plan, holders of these tokens would receive voting rights and dividends equivalent to those of standard equity shares.
The initiative relies on a five-year “innovation exemption” introduced by the US Securities and Exchange Commission (SEC) on <a s shares, the issuer is granted the right to opt out. If a company submits an objection within the designated timeframe, the platform is prohibited from listing tokens for that specific stock. All nine companies have utilized this procedure to block their inclusion.
While the public filings do not specify the reasons for these objections, Applied Optoelectronics, a manufacturer of optical communications equipment, informed a US newspaper that it is concerned about the inability to fully assess how tokenization might impact its share price, volatility, and liquidity. The company also highlighted the risk that <a s stock tokens
Note: Based on public documents and company disclosures
The objections stem from a broader apprehension that, even as regulatory frameworks evolve, corporate shares could circulate as digital assets without the involvement of the original issuers. Although stock tokens are intended to mirror the rights of ordinary shares, issuers view the involvement of a third party in their capital structure and shareholder registry as an intrusion. The concerns raised by Applied Optoelectronics regarding the “misunderstanding of a product it is not involved in” touch upon both brand management and investor protection.
Market observers note that if the number of objections continues to rise, OKXICE may be forced to reduce the list of more than 60 stocks initially planned for the service. Since the platform markets <a s appeal. The SEC’s exemption regime, by bypassing traditional exchange registration while granting issuers a de facto veto, places the burden of advance coordination back onto the platform operators.
OKXICE is currently in the preparatory phase ahead of its launch. It is expected that the platform will be unable to support stock tokens for the nine objecting companies, and attention will now shift to how these exclusions influence the final ticker lineup and the timing of the service’s release.
