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- Apple and Meta have been added to the opposition list mentioned in OKX-ICE's notice on November 5th, which means that all seven major tech companies have now chosen not to participate in this planned tokenized stock trading platform.
- The list has been expanded to include 67 companies, however, Coinbase, Robinhood, and Strategy among other crypto-friendly companies do not appear on the list.
- Under the innovative exemption provided by the U.S. Securities and Exchange Commission (SEC), if a company raises objections within the specified time frame, trading venues will not be allowed to list third-party tokenized versions of that company's stock.
Each of the "Big Seven" companies on Wall Street now hopes that their stocks do not appear in the tokenized stock trading venues planned by OKX and ICE.
Apple and Meta Platforms are among the 11 new opponents of the issuer added in the OKXICE TSV notification updated on Thursday.
Together with Microsoft, Alphabet, Amazon, NVIDIA, and Tesla, they have completed the “full coverage” of these tech giants. These companies account for a large portion of the market value of the S&P 500 index. Other new opponents include Home Depot, Boeing, GE Vernova, Palantir, ServiceNow, S&P Global, KLA, Super Micro Computer, and Nebius Group, bringing the total number of companies that say “no” to the OKX and ICE platforms to 67.
The opposition to Meta carries a somewhat sarcastic tone. The parent company of Facebook once attempted to launch its own stablecoin, Libra, which was later renamed Diem. However, in 2022, they abandoned the project due to regulatory obstacles.
After Amazon, Tesla, and SpaceX expressed their opposition in a notice on that platform on November 2nd, Apple was one of the last major companies on the list to make a statement. At that time, there were a total of 56 companies, while on October 15th, when the first group of opponents emerged, that number had reduced to just 9.
It is also worth noting which companies did not raise any objections. Crypto-friendly listed companies such as Coinbase, Robinhood, and Strategy were not on the list. Coinbase launched tokenized stocks to users outside of the United States on its Base platform in August. Berkshire Hathaway, Visa, and ExxonMobil are also not on the list. It is currently unclear whether OKX-ICE has notified these companies.
According to the innovation exemption introduced by SEC in September – which previously failed to gain traction in the Senate with Clarity Act – trading venues must notify the relevant company before offering stock versions of that company's shares tokenized by unrelated third parties. The directives of SEC stipulate that if a company raises objections in writing within 30 days, the trading venue cannot make those shares tradable. However, it is important to note that such objections are only applicable to that particular trading venue.
OKX - ICE TSV is a joint venture jointly owned 50% by Intercontinental Exchange, the parent company of the New York Stock Exchange, and OKX American Holdings Corporation. It plans to provide tokenized trading of U.S. stocks around the clock through the licensing pool on the XLayer blockchain of OKX. Off-exchange "tokenization institutions" will hold real stocks in a 1:1 ratio through a registered brokerage dealer.
With the most well-known companies in the market having withdrawn, it is currently unclear which major stocks the platform will be able to offer upon its launch, and its notification also does not list the names of the tokens that are planned to be provided.
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