Nvidia Joins 49 Companies Objecting to OKX Stock Tokenization Plan

Nvidia, Costco, Nike, and nine other major corporations filed public objections against the OKX tokenized stock marketplace in a notice dated Oct. 30, pushing the total number of disclosed objectors to 50. The venue is being developed by OKXICE, a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange, which is the parent company of the New York Stock Exchange.

This platform aims to allow investors to trade OKXICE stock tokens—representing digital versions of U.S. equities—around the clock utilizing stablecoins. These fresh objections increase the pressure on the proposed roster as organizations face response deadlines dictated by a Securities and Exchange Commission exemption.

OKXICE’s latest notice adds 12 companies to the objection list

Among the newly added names are Nvidia, Costco, Micron Technology, Nike, Reddit, CrowdStrike, Corning, IREN, USA Rare Earth, Bloom Energy, Palo Alto Networks, and Hewlett Packard Enterprise. CoinDesk noted 43 objectors drawn from the initial pool of 62 selected companies, alongside seven additional firms from outside that original cohort. The overall objection count climbed from 38 on Oct. 28 to 50 by Oct. 30.

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Firms that objected earlier include JPMorgan Chase, Goldman Sachs, Wells Fargo, Walmart, Coca-Cola, McDonald’s, Eli Lilly, Adobe, and Dell Technologies. JPMorgan noted that it stays supportive of the possibilities surrounding tokenization while maintaining a cautious stance regarding how its own shares are managed.

Nineteen selected companies have no disclosed objection

The Oct. 30 filing highlighted 19 businesses from the initial group that currently lack a public objection. This subset includes Apple, Amazon, Tesla, SpaceX, Netflix, Palantir, Strategy, Robinhood, Coinbase, Circle, and SoFi Technologies, as well as Super Micro Computer, Lam Research, ServiceNow, GE Vernova, Boeing, Home Depot, Securitize, and BitGo.

The absence of these companies from the objection registry does not signal an endorsement of OKXICE, nor does it guarantee their shares will be accessible when the platform launches. Both Securitize and BitGo have previously stated they do not intend to object.

Issuer response deadlines arrive for OKX tokenized stock marketplace

Under the SEC’s five-year Innovation Exemption, corporations hold the right to object to third-party tokenization involving their shares. Submissions can be made up until the 30th calendar day following the receipt of written notice from OKXICE. For entities notified on Oct. 4, the deadline lands near Nov. 3, though the timeline for each individual organization begins when it receives its specific notice.

Because OKXICE is granted up to five business days to disclose any objection, the public log can sometimes lag behind actual corporate filings. Consequently, the 50 recorded objections represent a disclosed tally rather than a final figure.

During a Friday press conference, OKXICE co-chairman Andrew Cuomo remarked that numerous enterprises prefer observing how the market performs prior to engagement. He characterized the initiative as the inception of an entirely distinct market framework, expressing optimism that increased familiarity with OKX stock tokenization will ultimately attract more participants.

FAQ

What is OKXICE?

OKXICE is a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange. It is building a platform for round-the-clock trading of tokenized U.S. stocks using stablecoins.

Which major financial firms objected to the platform?

JPMorgan Chase, Goldman Sachs and Wells Fargo are among the objectors. JPMorgan said it remains encouraged by tokenization’s potential while taking a careful approach to how its shares are handled.

Which crypto-native companies have not objected?

Coinbase, Circle, Robinhood, Strategy, Securitize and BitGo are among companies without a disclosed objection as of Oct. 30. Securitize and BitGo previously said they did not plan to object.

What did Andrew Cuomo say about the objections?

Cuomo, OKXICE’s co-chairman, said many companies want to see how the market works before participating. He described the rollout as the beginning of a fundamentally different market structure and expects familiarity with tokenization to encourage more companies to join.

How many companies were in the original selection?

OKXICE initially selected 62 companies for the platform. As of Oct. 30, 50 have disclosed objections and 19 from that original group have no disclosed objection. Seven companies outside the original selection also objected.

What are the response deadlines for companies?

Issuers can file an objection through the 30th calendar day after receiving written notice from OKXICE under an SEC Innovation Exemption. Deadlines vary since each company’s clock starts upon receiving its notice.

This article is for information only and is not financial advice.