Microsoft and Alphabet have joined 14 other companies, including Goldman Sachs and McDonald’s, in formally objecting to OKXICE’s plan to trade tokenized versions of their shares. OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plans to offer 24/7 trading of blockchain-based versions of stocks from more than 60 companies.
The objections mark significant pushback against the venture: roughly a quarter of the companies initially proposed are now seeking exclusion. The companies are exercising their right to object under a new SEC framework that allows issuers to block a tokenization platform from listing their shares.
The companies have not publicly explained their reasons. Their concerns may involve share-price volatility and market structure. An OKXICE co-chair described the objections as an expected, cautious response to a new market model.