Microsoft, Alphabet and Goldman Sachs join objections to OKX-ICE tokenized stock trading

Microsoft, Alphabet and Goldman Sachs are among seven additional companies objecting to tokenized versions of their shares trading on OKXICE, bringing the disclosed total to 16 issuers.

The objections underscore a challenge for the Securities and Exchange Commission’s tokenized-stock framework, which allows issuers to block venues from offering blockchain-based versions of their shares.

OKXICE plans to offer round-the-clock, stablecoin-settled trading of tokens backed one-for-one by shares and carrying equivalent dividend and voting rights.

Microsoft MSFT, Alphabet (GOOG, GOOGL) and Goldman Sachs (GS) have objected to having tokenized versions of their shares traded on OKXICE, adding to issuer resistance against the planned stock-trading venue from crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE).

The companies appear among seven additional objecting issuers in the joint venture’s updated public notice dated Oct. 19. Qualcomm (QCOM), Caterpillar (CAT), McDonald’s (MCD) and Western Digital (WDC) also joined the list.

The additions bring the disclosed tally to 16 companies, up from nine in last week’s notice. The document does not explain their reasons or specify when they submitted their objections.

Read more: SEC tokenized stock framework faces issuer pushback as Broadcom, Verizon object to OKX-ICE listing

The growing list highlights a hurdle for the SEC’s new framework for tokenized stock trading, which was unveiled last month.

OKXICE’s original notice identified 63 tickers representing 62 companies, with Alphabet appearing through both share classes. Fifteen of those companies have now objected, leaving 47 without a disclosed objection. Cerebras Systems (CBRS), the other objecting issuer, was outside the original proposed trading roster.

Previous objectors also included Broadcom (AVGO), Verizon (VZ), UnitedHealth (UNH), CoreWeave (CRWV), AppLovin (APP), Applied Digital (APLD), Rocket Lab (RKLB) and Applied Optoelectronics (AAOI).

OKXICE announced its plans on Oct. 5, seeking to operate under the SEC’s five-year “Innovation Exemption.” The framework allows qualifying venues to trade tokenized U.S. stocks through automated market makers and liquidity pools, while giving issuers an opportunity to object.