TheCorporateCounsel.net

The recently announced joint venture between crypto exchange OKX and NYSE-parent ICE to launch 24/7 trading of tokenized stocks under the SEC’s “Innovation Exemption” appears to be going over like a lead balloon with the issuer community. According to media reports, nearly 90% of the issuers whose stocks were targeted for tokenization have objected to their inclusion.  Nevertheless, it’s full speed ahead for the OKX-ICE platform, which according to this Finance Magnates article looks a lot different than what was originally envisioned:

After roughly 90% of its target companies exercised regulatory vetoes to block third-party token trading, OKXICE has overhauled its launch roster, leaning heavily on leveraged ETFs and crypto-friendly names ahead of a planned November 23 debut.

The joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE) announced over 70 assets for round-the-clock trading, including 59 Direxion ETFs and tokenised shares of Coinbase, Robinhood, and Circle, Reuters reported.

The offering marks a departure from the 63 blue-chip names originally proposed, underscoring how a SEC veto mechanism has given corporate boards power over blockchain secondary markets.

According to an Incrypted.com report, only 6 companies targeted for inclusion on the platform haven’t objected – Robinhood, Securitize, BitGo, Circle, Coinbase, and Strategy.

– John Jenkins