Tesla, SpaceX, Amazon Block Tokenized Shares on OKX-ICE Venue as Objections Reach 56
Key Takeaways
- •Amazon, Tesla, SpaceX, Netflix, Lam Research, and SoFi Technologies joined the objection list in the Nov. 2 notice, raising the total number of objecting issuers on OKXICE TSV to 56.
- •The roster of objecting companies grew quickly, from nine issuers on Oct. 15 to 38 on Oct. 28 and 50 on Oct. 30.
- •The objections operate under the SEC's innovation exemption, unveiled in September, under which a venue must notify a company before offering third-party tokenized shares and a written objection within 30 days bars that stock from the venue.
- •OKXICE TSV, a 50-50 joint venture between Intercontinental Exchange and OKX's U.S. holding company, plans 24/7 tokenized U.S. stock trading through permissioned Uniswap v4 pools on OKX's XLayer blockchain, paired with stablecoins such as USDC, with users required to pass identity and sanctions checks and hold a nontransferable soulbound token.
- •A timely objection blocks only third-party tokenized listings on OKXICE TSV, leaving the venue free to list shares tokenized by the issuers themselves and to allow its tokenized stocks to trade beyond the platform.
Six more companies, including Amazon, Tesla, and SpaceX, have objected to the trading of their shares on OKXICE TSV, according to the tokenized stock venue's Nov. 2 notice, pushing the total number of objecting issuers to 56.
Two of Elon Musk's companies are now keeping their shares off the planned venue from OKX and Intercontinental Exchange (ICE). Tesla and SpaceX appear among six new objecting issuers in the updated notice, alongside Amazon, Netflix, Lam Research, and SoFi Technologies.
A fast-growing list
The roster has expanded rapidly since the first nine objectors appeared on Oct. 15. It stood at 38 on Oct. 28, after Walmart joined, and reached 50 in the venue's Oct. 30 notice, when Nvidia, Costco, and Nike led the biggest batch of objections yet.
The new names deepen the lineup of megacap holdouts: Amazon, Tesla, and Netflix join earlier objectors Microsoft, Alphabet, and Nvidia. SoFi, a fintech company that offers crypto trading to its customers, adds an issuer with its own stake in digital assets, while SpaceX, which trades under the ticker SPCX, rounds out the batch. Apple is now one of the few megacap names still missing from the list.
How the objections work
The objections are enabled by the SEC's innovation exemption, which the agency unveiled in September after the Clarity Act stalled in the Senate. Under the framework, a venue must notify a company before offering a version of its shares tokenized by an unaffiliated third party. If the company objects in writing within 30 days, the venue cannot make that stock available for trading, according to the SEC's order. The objection applies only to that venue.
Inside the planned venue
OKXICE TSV, a 50-50 joint venture between NYSE owner Intercontinental Exchange and OKX's U.S. holding company, plans to offer tokenized U.S. stocks 24/7 through permissioned Uniswap v4 pools on OKX's XLayer blockchain, paired with stablecoins such as USDC. To trade, users must pass identity and sanctions checks and hold a nontransferable "soulbound" token that the venue's smart contracts verify before every transaction.
A timely objection bars OKXICE TSV from listing a third-party tokenized version of a company's stock, but it does not close every door. The notice says the venue can also list shares tokenized by the issuers themselves, though it does not identify any, and that the tokenized stocks it offers are not restricted to trading on OKXICE alone.
Source: Decrypt
