Nine US-listed companies have formally objected to tokenized versions of their shares being offered on OKXICE, a proposed blockchain-based securities trading venue jointly owned by cryptocurrency exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
According to an OKXICE public notice dated October 15, 2026, the companies are Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon Communications, Applied Optoelectronics, Broadcom and UnitedHealth Group.
The objections invoke protections under the US Securities and Exchange Commission’s recently introduced innovation exemption, which allows eligible platforms to facilitate tokenized securities trading while giving issuers an opportunity to reject third-party tokenization of their shares.
Eight of the nine companies appeared among the 63 securities OKXICE initially identified for potential trading on October 4. Cerebras was not included in that original list. The development represents an early test of how corporate consent requirements could influence the expansion of blockchain-based equity markets.
Companies Raise Concerns Over Liquidity and Investor Protection
The SEC’s temporary framework requires tokenized securities venues to notify issuers at least 30 calendar days before offering tokenized versions of their shares. Companies have 30 calendar days to submit an objection. A timely objection prevents the notifying venue from offering the relevant security under the exemption.
Importantly, an objection applies to the specific venue rather than prohibiting tokenization of the company’s shares across all platforms. The OKXICE notice identifies the nine objecting companies but does not explain their individual reasons.
Applied Optoelectronics separately told The Wall Street Journal that it was uncertain how tokenization might affect its stock price, liquidity and volatility. The company also expressed concern that investors could mistakenly interpret third-party tokenization as an offering sponsored or endorsed by the original issuer.
Nasdaq has independently indicated that it intends to exclude its own shares from tokenized trading under the SEC’s framework, citing concerns about market fragmentation and investor protections.
These objections highlight potential tensions between continuous blockchain-based trading and established equity market structures.
OKXICE Plans 24-Hour Trading Through X Layer
OKXICE is structured as an equally owned venture between ICE and OKX’s US holding company. The proposed platform would enable round-the-clock secondary-market trading of tokenized US equities through permissioned automated market-maker liquidity pools on X Layer, OKX’s blockchain network.
Its architecture incorporates Uniswap v4 technology, with securities paired against stablecoins including USDC, USDT and USDG. Participants would undergo identity verification and sanctions screening before accessing the trading pools. Unlike synthetic products that merely track share prices, the proposed tokenized securities are intended to preserve traditional shareholder rights, including applicable dividend and governance entitlements.
OKXICE has not announced a launch date and continues preparing to offer securities from companies that have not submitted objections. The wider tokenized equities market has expanded substantially during 2026. According to data cited by The Block, tokenized stocks represented approximately $3.5 billion in market value on October 15, compared with roughly $680 million at the beginning of the year.
That represents an increase of approximately 415%, reflecting growing interest in blockchain-based securities infrastructure. However, tokenization does not automatically create additional underlying liquidity, eliminate settlement risks or guarantee equivalent pricing across traditional and blockchain markets. The objections also demonstrate that technological feasibility does not necessarily translate into issuer acceptance.
For OKXICE, the immediate challenge is maintaining a sufficiently broad selection of securities while complying with issuer protections.
The outcome could influence how future tokenized securities venues approach corporate engagement, market transparency and regulatory compliance as the SEC evaluates its temporary framework.