Nine publicly traded companies have formally objected to having their shares offered in tokenized form through the proposed platform backed by OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).
The companies are Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon Communications, Applied Optoelectronics, Broadcom, and UnitedHealth Group, according to a notice published by OKX and ICE.
The document does not specify the reasons for the objections. However, the regulatory exemption announced by the US Securities and Exchange Commission (SEC) on September 17 requires platforms to notify companies in writing and give them an opportunity to object before offering tokenized versions of their shares.
Luke Nolan, senior research associate at CoinShares, explained that the objections do not necessarily amount to a rejection of tokenization. Companies can refuse to have their shares traded on a particular platform while authorizing their trading on another.
Meanwhile, Misha Putiatin, co-founder of Symbiotic, said companies need more data on price formation and the performance of these markets before assessing their benefits and risks.
The objections pose challenges for the OKX and ICE project, particularly regarding issuer consent and the trading of tokenized stocks on blockchain-based markets.
Source: https://www.okx.com/cdn/assets/files/2610/F085D8D65135AB9C.pdf
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