Apple and Meta Platforms have objected to having tokenized versions of their stocks traded on OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange. According to a public notice dated November 5, 67 companies have disclosed objections.
Of the 67 objectors, 56 belong to OKXICE’s initial list of 62 companies, representing 90.3%. Only six companies from the original roster have yet to file a public objection, all linked to crypto or tokenization, significantly narrowing the catalog the venue can list for trading at launch.
Apple, Meta Join Issuer Pushback
OKXICE was initially expected to support 63 tickers across 62 companies, as Alphabet has two share classes, GOOG and GOOGL. The list spanned from Apple, Microsoft, Nvidia, and Amazon to JPMorgan, Walmart, Coca-Cola, Eli Lilly, and Boeing.
By November 5, the objection list had grown to 67 companies. Among these, 56 companies were part of OKXICE’s original selection, while 11 companies objected despite not being named in the initial plan. Apple was on the original list, whereas Meta belonged to the second group.
Strategy, Coinbase, Circle, Robinhood, Securitize, and BitGo are the six initial companies that have not filed a public objection. Securitize and BitGo previously stated they had no plans to object. Strategy, Coinbase, Circle, and Robinhood have not publicly stated similar positions. Not appearing on the objection list does not imply that a company has formally approved or will definitely be present when trading begins.
The unobjected list is currently concentrated entirely on companies with operations in crypto, digital asset brokerage, and tokenization infrastructure. Meanwhile, the majority of tech, banking, retail, healthcare, and industrial names from the original plan have chosen to opt out of the venue. OKXICE has not confirmed its final portfolio or the timing of its trading launch.
How the SEC Opt-Out Works
OKXICE is expected to operate under an Innovation Exemption issued by the SEC on September 17. The conditional exemption framework lasts for five years, allowing eligible Tokenized Securities Venues to trade tokenized stocks via automated liquidity pools without registering as a national securities exchange. This exemption does not imply that the SEC has individually approved OKXICE.
Under this framework, a company has 30 days to object after receiving notice about third-party-issued tokenized versions of its shares. A timely objection prevents the tokens from trading on the relevant venue. Public notices may lag by up to five business days from when the objection is submitted.
The decisions by Apple and Meta therefore apply only to OKXICE’s model and do not represent a stance on all forms of tokenization. In a letter to the SEC, SIFMA proposed replacing the opt-out mechanism with an affirmative opt-in, requiring third parties to obtain explicit consent from companies before tokenizing their stocks.
Inside OKXICE’s Tokenized Stock Model
OKXICE LLC is a 50–50 joint venture owned by ICE and OKC USA. Although ICE is the parent company of the NYSE, OKXICE operates as a standalone venue, is not the NYSE, and is not registered with the SEC as a national securities exchange. Transactions under the exemption also fall outside Regulation NMS.
The platform is designed to operate continuously on X Layer, utilizing permissioned liquidity pools based on Uniswap v4 instead of a traditional order book. Each pool pairs a stock token with USDC, USDG, or USDT, with prices determined by the asset balances within the pool. Participants must complete identity verification, anti-money laundering, and sanctions screening before self-custodial wallets are granted trading permissions.
Tokens issued by third parties must be backed 1:1 by underlying shares held by a registered broker-dealer. Token holders receive dividend and voting rights equivalent to shareholders of the same class, while the tokenizer handles corporate actions such as stock splits or mergers. Each transaction is executed and settled directly on-chain without a central clearing counterparty.
The scale of the model remains restricted during the trial phase. For Tier 1 stocks, each venue is capped at 75 tickers, with trading volume per ticker not exceeding 0.25% of the previous month’s average daily volume. The Tier 2 group has limits of 250 tickers and 2.5% of average daily volume.
Shrinking Roster Clouds Launch Plans
OKXICE has not announced a launch date for trading, and its product page currently indicates only that the platform “is coming.” Following the wave of pushback, the company has also not confirmed whether the remaining six stocks from the original list will be supported at launch.
The public notices list company names without stating the specific reasons why Apple, Meta, and the majority of companies chose to opt out. Industry comment letters submitted to the SEC have cited risks of liquidity fragmentation, after-hours price disparities, transaction traceability, and the handling of shareholder rights. However, these issues cannot be assumed as specific reasons for individual companies unless directly confirmed by them.
OKXICE’s pricing mechanism also differs from traditional stock markets. According to the venue’s documents, smart contracts do not use oracles to peg tokens to the price of underlying shares. Prices are formed by asset ratios within each pool and may deviate from reference markets when U.S. stock exchanges are closed or pool liquidity is low.
JPMorgan, one of the objecting companies, stated it still sees potential in tokenization but wants to remain cautious about how its shares are represented and traded. Meanwhile, RWA.xyz recorded total tokenized stocks and ETF value at approximately $4 billion in early November.
Andrew Cuomo, co-chairman of OKXICE, said several companies outside the original list have approached the joint venture about potential participation, but did not disclose their identities or numbers. OKXICE has also not indicated whether it will launch with the remaining group of stocks, add issuer-sponsored tokens, or adjust its plans before opening trading.
