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OKX, ICE File SEC Notice for 24/7 Tokenized Stock Trading
Proposal Ties Onchain Equities to Voting, Dividend and Ownership Rights
TL;DR
- OKXICE filed with the SEC to offer tokenized shares in more than 60 U.S.-listed companies under the agency’s Innovation Exemption.
- The proposed venue would run continuously through permissioned Uniswap v4 pools on XLayer, with tokens paired against three stablecoins.
- Each token would be backed by an underlying share, while issuers can object and token holders must receive equivalent shareholder rights.
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OKXICE LLC, the 50-50 joint venture between OKX and New York Stock Exchange parent Intercontinental Exchange, notified the U.S. Securities and Exchange Commission on October 4 of plans to launch a tokenized securities venue for retail and institutional investors. OKXICE co-chair and former New York Governor Andrew Cuomo said the proposal covers more than 60 companies listed on U.S. exchanges. The platform would operate under the SEC Innovation Exemption, which was issued on September 17 and remains subject to shareholder-protection and issuer-objection requirements.
Cuomo said, “The digital asset revolution is already transforming our financial system. Tokenized securities are part of what comes next.”
The public notice includes Nvidia, Apple, Microsoft and Tesla, along with Strategy, Coinbase, Circle and Bitgo. Trading would use permissioned Uniswap v4 liquidity pools deployed on XLayer, with access limited to approved wallets. Participants would face identity verification, sanctions screening and wallet ownership checks.
Tokens Would Carry the Underlying Shares’ Rights
The SEC framework allows qualifying tokenized securities venues to use automated market makers without registering as national securities exchanges, while imposing limits on eligible symbols and trading volume. Tokenized shares must preserve the rights of the corresponding share class, including dividends, voting rights and claims on residual assets during liquidation. OKXICE says its third-party model would require one underlying share for every token issued. A registered broker-dealer would hold those shares while blockchain records track transfers of the associated securities entitlements.
Issuers must be notified before unaffiliated third parties tokenize their shares, giving companies an opportunity to object before securities become eligible. The venue would also have to suspend trading whenever the primary exchange halts the underlying stock, meaning its extended trading schedule would remain tied to conventional market controls. The notice states that the SEC has not assessed the merits or accuracy of OKXICE’s disclosures. Cerebras Systems appears under the issuer-objection section of the public notice.
The filing follows ICE’s March 5 investment in OKX, which valued the crypto exchange at $25 billion and gave ICE a seat on the OKX board. The companies formed their equally owned venture in June to develop infrastructure for digital financial products. ICE contributes exchange operations and market technology, while OKX provides blockchain infrastructure and its distribution network.
OKXICE Model Differs From Existing Tokenized Equity Products
Other tokenized equity products use different ownership structures. Bitget and its wallet introduced Ondo tokenized stocks in September 2025 for eligible customers outside the United States. Ondo later expanded those products to Bitget’s centralized exchange in March 2026, initially covering major technology shares, equity index funds and commodity-linked products. Bitget says the Ondo-linked tokens provide price exposure and reinvested dividends but do not give holders direct ownership or shareholder voting rights.
RWA.xyz recorded $3.2 billion in distributed value across its tokenized equity category as of October 5, up 10.33% over the preceding 30 days. OKXICE’s proposed structure differs because the SEC framework requires the tokenized securities to match the shareholder rights attached to the underlying shares.
This article has been refined and enhanced by ChatGPT.
