The list of companies that do not want their shares traded on the planned tokenized stock venue from OKX and Intercontinental Exchange keeps growing. Wells Fargo, Cisco Systems, and Marvell Technology are among six new issuers named in an updated public notice from OKXICE TSV dated Friday, Oct. 23, with Arm Holdings, Moderna, and Intuit rounding out the additions.

That brings the total number of objecting companies to 22, up from 16 on Oct. 19 and nine on Oct. 15. The count has climbed steadily since the venue began publishing objector lists earlier this month. None of the notices explain the companies' reasons, nor do they spell out what effect an objection has on whether a stock can trade on the platform — leaving open how the mounting tally will bear on the venue's final lineup. The notice also discloses a series of risks, including the absence of circuit breakers beyond trading halts, no protections against transaction reordering, and smart contract upgrades without advance notice.

Earlier objectors include Microsoft, Alphabet, Goldman Sachs, Verizon, Broadcom, and UnitedHealth Group. Wells Fargo joins Goldman Sachs as the second major U.S. bank on the list. Arm, Cisco, and Marvell add more chip and networking heavyweights to a roster already crowded with technology names, including Microsoft, Broadcom, and Qualcomm.

OKXICE TSV, a 50-50 joint venture between NYSE owner Intercontinental Exchange and OKX's U.S. holding company, plans to let approved users trade tokenized U.S. stocks 24/7 — including nights and weekends, hours when traditional U.S. exchanges are closed. Trades would run through Uniswap v4 liquidity pools on OKX's XLayer blockchain, paired with stablecoins such as USDC.

The venue is set to operate under the Securities and Exchange Commission's (SEC) innovation exemption, which the agency unveiled in September after the Clarity Act stalled in the Senate. Since its Oct. 19 notice, the venue has said it can list shares tokenized by the issuers themselves as well as by outside parties — a path none of the objectors appear to have taken so far.

The latest notice spells out those risks in detail. Beyond pausing when the underlying stock is halted, the venue does not use circuit breakers. It has no policies addressing maximal extractable value, the profit traders can capture by reordering transactions on a blockchain.

The notice warns that broker-dealers trading on the platform face unsettled questions about trade reporting and best execution, which could limit their participation and thin out liquidity in the pools that would carry its trading. Administrators can also upgrade the smart contracts without advance notice to users, and the contract that controls who can trade has been audited only internally.

OKX and ICE first teamed up on tokenized securities earlier this year before unveiling the venue this month. Nasdaq, which won SEC approval for its own tokenized securities pilot, has said it will opt its shares out of the exemption. The International Monetary Fund (IMF) recently found real demand for tokenized stocks, especially during off hours when the stock market is closed — the same window a 24/7 venue would open for trading — but warned that the market remains volatile and illiquid. With the tally rising across the notices published so far, future updates from OKXICE TSV will show whether the list continues to expand.