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ZEC $1,321 OKX and NYSE parent file with SEC for tokenized stock venue
OKXICE, a joint venture between OKX and Intercontinental Exchange, has filed with the SEC to launch a tokenized stock venue.
Key takeaways
- 63 stocks first. The initial plan covers tokenized shares of 63 NYSE-listed companies.
- Issuers get 30 days. Companies receive written notice and get 30 calendar days to object before third-party tokenized shares can trade.
- Five years of relief. The temporary SEC framework gives qualifying venues five years of conditional relief.
What happened
OKXICE LLC has told the SEC it plans to launch a tokenized securities venue. The company is a joint venture between crypto exchange operator OKX and Intercontinental Exchange Inc., which owns the New York Stock Exchange.
The venue would start with tokenized shares of 63 NYSE-listed companies, according to the reported filing. OKXICE co-chair Andrew Cuomo said the platform would cover more than 60 companies listed on US stock exchanges.
SEC rules for qualifying tokenized stocks require preserved dividends, voting rights and equivalent shareholder claims. When an unaffiliated third party tokenizes a stock, the venue must first notify the issuer, and issuers get 30 calendar days to object before trading starts.
OKXICE still has to meet regulatory conditions before the platform can launch commercially. OKX already offers tokenized stocks offshore, but those products do not give buyers direct shareholder rights.
Why it matters
The filing tests a temporary SEC route for tokenized US equities. In September, the SEC issued a temporary exemption that allows limited trading of tokenized US stocks on certain onchain venues.
The SEC framework gives qualifying venues five years of conditional relief from the Exchange Act definition of an exchange when they trade tokenized National Market System stocks through permissioned automated market makers and liquidity pools. ICE supplies trading, clearing and market-data infrastructure, while OKX supplies the blockchain and crypto infrastructure for the venture.
OKXICE also wants to operate as a US-registered broker-dealer and futures commission merchant, subject to approval. Cuomo has said regulation and innovation need to advance together.
What the data shows
The initial phase covers 63 NYSE-listed companies, while Cuomo described a platform of more than 60 US-listed companies. Issuers get 30 calendar days to object, and the venue framework offers five years of conditional relief.
Background
OKX and Intercontinental Exchange formed a 50-50 joint venture in June to build infrastructure for tokenized financial products. The partnership began with ICE strategic investment in the crypto exchange in March.
The venture is co-chaired by former New York Governor Andrew Cuomo and ICE executive Trabue Bland.
What is still unclear
- The filing had not appeared in publicly searchable SEC records when one report checked.
- The individual companies in the 63-stock list were not identified in the publicly available reporting reviewed.
- Bloomberg reported on Oct. 4 that OKXICE submitted paperwork to use the new tokenized-stock framework.
Questions readers ask
What is OKXICE?
OKXICE LLC is a 50-50 joint venture between crypto exchange operator OKX and Intercontinental Exchange Inc., which owns the New York Stock Exchange. It notified the SEC that it intends to launch a tokenized securities venue.
How many stocks would the platform cover?
The reported filing covers tokenized shares of 63 NYSE-listed companies. OKXICE co-chair Andrew Cuomo said the platform will include more than 60 companies listed on US stock exchanges.
Do tokenized shares carry shareholder rights?
SEC rules require qualifying tokenized stocks to preserve dividends, voting rights and equivalent shareholder claims. OKX existing offshore tokenized products do not provide direct shareholder rights.
When could trading start?
OKXICE remains subject to regulatory conditions before its US tokenized stock platform can launch commercially. Issuers also get 30 calendar days to object before unaffiliated third-party tokenized shares can trade.
