According to U.Today, 50 companies, including NVIDIA (NVDA) and Nike (NKE), have officially opposed the trading of tokenized stocks on a new platform supported by the crypto exchange OKX and the parent company of the New York Stock Exchange (NYSE).
According to the latest public notice issued by the joint venture OKXICE of the crypto exchange OKX and Intercontinental Exchange (ICE), as of October 30th, the total number of companies opposing the plan has reached 50.
This number has increased from 38 on October 28th, indicating that another 12 companies have raised objections within just two days.
Enterprise giants such as NVIDIA and Nike oppose the OKX plan
Recently added opponents to the company include NVIDIA, Nike, Costco ( Costco, COST ), Micron Technology ( Micron Technology, MU ), and Reddit ( RDDT ).
Other companies that have recently expressed opposition include cybersecurity firm CrowdStrike ( CRWD ), Corning ( Corning , GLW ), Bloom Energy ( BE ), IREN ( IREN ), USA Rare Earth ( USAR ), Palo Alto Networks ( PANW ), as well as Huiye & Enterprise ( Hewlett Packard Enterprise , HPE ).
Some large institutions in the financial sector have also expressed their opposition, including JPMorgan Chase ( JPMorgan Chase, JPM ), Goldman Sachs ( Goldman Sachs, GS ), and Wells Fargo ( Wells Fargo, WFC ).
Other well-known companies include Walmart ( Walmart , WMT ), Coca-Cola ( Coca-Cola , KO ), McDonald's ( McDonald 's, MCD ), Eli Lilly ( Eli Lilly , LLY ), Adobe ( ADBE ), and Dell Technologies ( Dell Technologies , DELL ).
What is the stock tokenization plan for OKX?
OKXICE is a joint venture established by the crypto exchange OKX and Intercontinental Exchange (ICE), with each party holding 50% of the shares in this joint venture.
The goal is to enable the tokenization of traditional U.S. stocks to be traded on blockchain.
According to this arrangement, eligible investors do not need to purchase these stocks through traditional brokerage platforms; instead, they can trade blockchain tokens that represent the ownership rights of the related underlying securities.
According to the company's public announcement, the platform will be open 24 hours a day, 7 days a week.
The platform in this plan will be based on a temporary regulatory exemption issued by the U.S. Securities and Exchange Commission (SEC) on September 17th.
However, regulatory authorities also grant relevant companies the option to oppose any unauthorized tokenization of their shares by third parties.
If a company submits an objection within the specified time limit, then, in accordance with this exemption, its third-party tokenized shares will not be available on that platform.
