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Apple and Meta join objectors to OKX-ICE tokenized stock venue
Apple and Meta are among 11 new objectors to OKX and ICE's planned tokenized-stock venue, bringing the total to 67 companies, reports say.
Key takeaways
- Magnificent Seven complete. All seven major technology names now object after Apple and Meta joined Microsoft, Alphabet, Amazon, Nvidia and Tesla.
- Count reaches 67. Decrypt and Bitcoinist both reported that 67 companies have now objected to the OKXICE TSV plan.
- Crypto names absent. Strategy, Coinbase, Circle, Robinhood, Securitize and BitGo do not appear on the public objection list, though absence is not formal approval.
What happened
An updated notice from OKXICE TSV dated Thursday added Apple and Meta Platforms to the list of issuers objecting to the venture's plan to offer tokenized versions of their shares, according to Decrypt. The notice added 11 companies in total, the report said, bringing the number of objectors to 67.
The other additions identified by Decrypt were Home Depot, Boeing, GE Vernova, Palantir, ServiceNow, S&P Global, KLA, Super Micro Computer and Nebius Group. Bitcoinist reported the same 67 total and said Palantir, S&P Global, KLA and Super Micro Computer were among recent additions. With Apple and Meta now on the list, all seven companies in the Magnificent Seven group, Microsoft, Alphabet, Amazon, Nvidia, Tesla, Apple and Meta, have objected, Decrypt reported.
Apple had been one of the last large technology companies missing from the objector list after Amazon and Tesla objected in the venue's Nov. 2 notice, according to Decrypt. Meta's objection carries some irony, the report noted: the Facebook parent once tried to launch its own stablecoin, Libra, later renamed Diem, before abandoning the project in 2022 amid regulatory pushback.
Why it matters
The objections narrow the potential stock selection for a venue that had sought to cover technology, banking, retail and manufacturing, Bitcoinist reported. Companies without a publicly disclosed objection include Strategy, Coinbase, Circle, Robinhood, Securitize and BitGo, according to Bitcoinist; Decrypt also noted that Coinbase, Robinhood and Strategy are absent from the list. Bitcoinist said Securitize and BitGo had previously indicated they did not intend to object. Absence from the list is not the same as formal approval or a guarantee that a company's shares will be available, the report said. The trend raises questions about whether tokenized equity trading can attract mainstream issuers or will rely on crypto-native businesses.
What the data shows
Decrypt reported that the first objectors appeared on Oct. 15, when the tally was nine. The number reached 56 in the venue's Nov. 2 notice before rising to 67. Bitcoinist reported that 56 of the original 62 companies selected for the platform rejected the proposal, about 90% of the initial list, and that the total objection count stood at 67.
Background
OKXICE TSV is a 50-50 joint venture between Intercontinental Exchange, the owner of the New York Stock Exchange, and OKX's U.S. holding company, according to Decrypt. It plans to offer tokenized U.S. stocks around the clock through permissioned pools on OKX's XLayer blockchain. An outside tokenizer would hold real shares one-for-one through a registered broker-dealer, Decrypt reported.
The project operates under an SEC innovation exemption unveiled in September after the Clarity Act failed to advance in the Senate, Decrypt reported. The framework requires a venue to notify a company before offering a tokenized version of its shares through an unaffiliated third party. A written objection within 30 days prevents the venue from making that stock available. Bitcoinist described the exemption as lasting five years and allowing automated market makers; it also said platforms have up to five business days to publish objections.
What is still unclear
It is unclear which major stocks the venue will be able to offer at launch, Decrypt reported, because its notices do not list the tokens it plans to make available. It is also unclear whether OKXICE notified companies that do not appear on the objection list, such as Berkshire Hathaway, Visa and Exxon Mobil, according to Decrypt.
What to watch
The immediate question is whether the remaining companies can provide enough variety and liquidity to make the marketplace attractive to investors, Bitcoinist reported. The wider tokenization market is still moving: the New York Stock Exchange has been expanding a planned tokenized securities platform through transfer-agent partnerships, and the Depository Trust & Clearing Corporation has introduced a tokenization platform for eligible financial institutions, according to Bitcoinist.
Questions readers ask
What is OKXICE TSV?
It is a 50-50 joint venture between Intercontinental Exchange, the owner of the New York Stock Exchange, and OKX's U.S. holding company.
Why can companies block their shares from the venue?
Under the SEC innovation exemption described in the reports, a venue must notify a company before offering a tokenized version of its shares through an unaffiliated third party.
Does an objection apply to every tokenized version of a stock?
No. Decrypt reported that the objection applies only to that venue.
