Twenty-two publicly listed companies have now objected to having tokenized versions of their shares traded on OKXICE, a new venue built through a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the owner of the New York Stock Exchange. The count rose on Friday, when six additional firms were added to the objection list: Wells Fargo, Cisco, Arm Holdings, Moderna, Intuit and Marvell Technology. Reuters first reported the update.

The latest objectors join Microsoft, Alphabet, Goldman Sachs and McDonald's, all of which filed objections earlier in the week, along with three other companies named alongside them on Monday. The refusals come as the venture seeks to bring major U.S. equities onchain under a regulatory sandbox.

Tokenized stocks are blockchain-based representations of traditional shares, a format that would allow trading to run around the clock rather than during regular market hours.

🚨BREAKING: Wall Street is fighting against tokenized stocks as 22 companies oppose OKX's plan to bring their shares onchain. Wells Fargo, Arm and Intuit are among the latest companies objecting to tokenized trading through OKXICE, the OKX–ICE joint venture. The number of… pic.twitter.com/Oxdd3GiM7O

— Coin Bureau (@coinbureau) October 24, 2026

How the SEC framework works

OKXICE operates under the SEC's five-year Innovation Exemption, a framework that allows qualifying tokenized securities venues to test trading through automated market makers. The venue posted its first public notice on Oct. 4, disclosing plans to draw liquidity from Uniswap pools on OKX's XLayer blockchain, with trades settled in stablecoins.

Under the rules, venues must notify issuers and give them 30 days to object. If a company stays silent, trading can begin. Law firm Latham & Watkins has warned that silence is effectively permanent: the SEC order provides no way to object after the window closes, and no mechanism to withdraw a non-objection once it has been granted. For issuers, that makes the 30-day window the only opportunity to keep their shares off the venue.

The original roster attached to the notice covered 62 companies. Wells Fargo and Arm were not included, while Cisco, Moderna, Intuit and Marvell were.

Why companies are saying no

OKXICE co-chair Andrew Cuomo said the objections were expected. Many companies, he said, want to wait and see how the venue develops rather than be the first to take part. He described the framework as a sandbox with limits on participating companies and trading volumes.

Of the 22 objectors, 16 list on Nasdaq and six on the NYSE. Nasdaq said it plans to object to the tokenization of its own stock, warning that venues operating outside the National Market System, the regulatory structure governing U.S. equity markets, could fragment liquidity and weaken price discovery.

Other market participants pointed to practical complications. Dave Hendricks of Vertalo said most companies did not know a third party had tokenized their stock, and that questions about shareholders, dividends and votes arrive quickly. Reid Noch of TD Securities said the benefit to issuers is hard to measure: tokenization could draw overseas demand, but that may not offset the risks of thin, 24/7 trading.

Not every company is opposed. Securitize and BitGo said they will not object to inclusion on the venue. Securitize CEO Carlos Domingo said an education process is underway, and the firm has held webinars covering trading models and shareholder rights.

As of Friday, OKXICE's updated public notice listed 22 objecting companies, and the 30-day objection period under the Oct. 4 notice is still running — leaving room for further objections, and for trading to begin on the shares of any issuer that stays silent once the window closes.