Nasdaq opted its own stock (NDAQ) out of tokenized trading initiatives operating under the SEC's new "Innovation Exemption" framework. Nine other companies also formally objected to their shares trading on OKXICE. These companies include Broadcom, CoreWeave, and Verizon. Crypto exchange OKX and Intercontinental Exchange (ICE) co-own the OKXICE tokenization platform.
These withdrawals highlight issuer concerns. Concerns include potential fragmented liquidity, price volatility, and lack of direct control over tokenized shares. Nasdaq stated its continued commitment to tokenization but favors a model where companies issue their own tokens. This model ensures better oversight. This event serves as an early test for the SEC's framework. The framework allows companies a 30-day window to block their shares from trading on third-party venues.