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Nvidia, Nike Join 12 Firms Opposing OKXICE Tokenized Stock Plan
Objector list reaches 50 as issuers use SEC rules to block venue-specific tokenized shares
TL;DR
- Nvidia, Costco, Nike and nine other companies joined OKXICE TSV’s objector list in its latest notice.
- The list has grown from nine companies on Oct. 15 to 50, with the latest group the largest single batch.
- SEC rules allow issuers to prevent a venue from trading third-party tokenized versions of their shares by objecting in writing.
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Nvidia, Costco and Nike are among 12 companies that objected to trading tokenized versions of their shares on the planned OKXICE Tokenized Securities Venue, or OKXICE TSV. The Oct. 30 notice lifted the total number of objecting issuers to 50 and marked the largest single batch of objections since companies began appearing on the list.
The latest group also includes Micron, CrowdStrike, Palo Alto Networks, Reddit, Hewlett Packard Enterprise, Corning, Bloom Energy, IREN and USA Rare Earth. The additions span chipmaking, cybersecurity, retail and energy. Nvidia, Micron and Corning join hardware companies including AMD, Intel and Broadcom, while CrowdStrike and Palo Alto Networks add major cybersecurity names. IREN, a Bitcoin miner that has expanded into AI cloud computing, also appears among the objectors.
Objector list expands rapidly
The list has grown sharply since the first issuers objected. Walmart and Eli Lilly were among the companies added before the latest group, and the number of objectors has more than quintupled since the first notice.
SEC exemption gives companies a venue-specific veto
The objections operate under the SEC’s innovation exemption, unveiled in September after the Clarity Act stalled in the Senate. A venue must notify a company before offering a version of its shares tokenized by an unaffiliated third party. Under the SEC order, a company that objects in writing within 30 days can prevent that venue from making the tokenized stock available for trading. The objection applies only to the venue receiving it.
That distinction means the companies are objecting to their shares being represented by third-party tokens on OKXICE TSV under the proposed structure. The notices are therefore directly relevant to which stocks the venue would be allowed to make available under the exemption rather than constituting a broader prohibition on tokenized versions of the companies’ shares across other venues.
OKXICE TSV is structured as a 50-50 joint venture between NYSE owner Intercontinental Exchange and OKX’s U.S. holding company. The planned venue would allow approved users to trade tokenized U.S. stocks around the clock. Transactions would run through permissioned Uniswap v4 pools on OKX’s XLayer blockchain and would be paired with stablecoins such as USDC.
This article has been refined and enhanced by ChatGPT.
