JPMorgan Chase, Coca-Cola and Dell Technologies are among seven additional companies that have formally objected to the trading of tokenized versions of their shares on OKXICE, the planned 24/7 tokenized securities venue formed by crypto exchange OKX and Intercontinental Exchange, parent of the New York Stock Exchange. The updated public notice dated October 27 brings the total number of objecting issuers to 33.

The latest group also includes Advanced Micro Devices, Adobe, Applied Materials and Sandisk. These additions follow a notice the previous day that listed Intel, IBM, Oracle and IonQ among the objectors, raising the count from 26 to 33 within 24 hours.

Rapid Growth in Corporate Objections

The list of objectors has expanded steadily since the venue’s initial public notice in early October, which proposed tokenized trading for shares of approximately 62 to 63 companies. Earlier counts stood at nine issuers by mid-October, rising to 16, then 22, before reaching 26 and now 33. Among the earlier objectors are Microsoft, Alphabet, Goldman Sachs, Wells Fargo, McDonald’s, Qualcomm, Broadcom, Verizon, UnitedHealth Group, Caterpillar and Cisco.

JPMorgan Chase becomes the third major U.S. bank to object, following Goldman Sachs and Wells Fargo. Approximately 48 percent of the companies on the original proposed roster have now opted out. Some objectors, including Wells Fargo and Arm, were not part of the initial selection. Companies whose market value totals roughly $17 trillion have rejected participation on this venue.

Several high-profile names, including Nvidia, Tesla, Apple and Amazon, have not filed objections to date.

How the SEC Innovation Exemption Works

The planned venue operates under a temporary innovation exemption introduced by the U.S. Securities and Exchange Commission in September. The framework allows qualifying tokenized securities venues to offer limited trading of tokenized National Market System stocks while requiring them to notify each issuer before offering a third-party tokenized version of its shares.

Issuers then have 30 calendar days from receiving notice to submit a written objection. A timely objection prevents the venue from making that company’s tokenized shares available for trading. The restriction applies only to the specific venue; an objection to OKXICE does not prevent other platforms from offering similar products tied to the same shares. Notices published so far have not disclosed the companies’ reasons for objecting.

Details of the Planned Trading Venue

OKXICE is structured as a 50-50 joint venture between OKX’s U.S. holding company and Intercontinental Exchange. It aims to enable approved users to trade tokenized U.S. stocks around the clock. Trades would occur through permissioned Uniswap v4 liquidity pools on OKX’s X Layer blockchain and settle in stablecoins such as USDC.

According to the proposal, the tokens would be backed one-for-one by actual shares held through registered broker-dealers, with investors entitled to corresponding shareholder rights including dividends and voting privileges. Earlier disclosures noted uncertainty over whether tokenized shares held in self-custodied wallets would receive Securities Investor Protection Corporation coverage if the tokenizer’s broker-dealer failed.

Former New York Governor Andrew Cuomo, who co-chairs the venture and serves on OKX’s board, previously described corporate objections as a “very natural response” and indicated he expected additional names to appear on the list. He characterized the SEC framework as an experiment and suggested some companies would choose to participate early while others prefer to wait.

Broader Context for Tokenized Equities

Nasdaq has pursued its own path into tokenized securities, including a $100 million investment in the parent company of crypto exchange Kraken, and has indicated it will opt its own shares out of the exemption framework. The exchange has also advised listed companies to approach participation cautiously.

JPMorgan Chase has developed its own blockchain-based payment systems and expanded work on tokenized deposits, yet the bank has chosen not to allow third-party tokenization of its publicly traded shares on this particular venue. A spokesperson for the bank has stated that it remains encouraged by the potential of tokenization while needing to be thoughtful about how its shares are represented and traded.

The objections limit the initial selection of stocks available on OKXICE but do not prevent the platform from proceeding with eligible listings that meet the exemption’s other conditions. Companies that have not objected may still be included subject to regulatory requirements. The joint venture continues to prepare for launch under the five-year exemption window.