IBM, Oracle, Intel and IonQ have formally objected to plans by OKXICE to offer blockchain-based trading tied to their shares, according to an updated public notice from the joint venture between OKX and Intercontinental Exchange. Their additions lift the total number of issuers that have opted out to 26.
The latest filings add to a growing list of companies declining participation as the venture moves under the U.S. Securities and Exchange Commission’s five-year Innovation Exemption. That framework permits round-the-clock tokenized stock trading, but also gives issuers a 30-day period to block inclusion once they are notified.
More issuers join the opt-out list
The four newly named companies join earlier objectors that include Microsoft, Alphabet, Goldman Sachs, Cisco and Wells Fargo. The expanding roster points to broad caution among issuers as tokenized equity trading moves from proposal to implementation.
The updated notice does not suggest a single reason shared by all companies, but the pattern indicates that many issuers are not yet ready to be part of the first wave of listings. For now, objections appear to reflect a preference for waiting until the structure is better understood.
How the SEC framework works
The SEC’s Innovation Exemption is designed to let approved venues test new market structures over a five-year period. In this case, it opens the door for continuous blockchain-based trading of tokenized versions of public shares rather than limiting activity to standard exchange hours.
At the same time, the framework gives listed companies a specific safeguard: before a venue can offer tokenized versions of their stock, it must notify the issuer and allow 30 days for an objection. That notice-and-response process is now becoming an early test of how much corporate support these products can win.
What OKXICE plans to build
OKXICE has proposed a system that differs sharply from traditional equity market plumbing. Instead of a conventional order book, the venue would use Uniswap v4 liquidity pools on OKX’s XLayer blockchain.
Trades would settle in stablecoins and rely on automated market makers to provide liquidity. That design is central to the appeal of tokenized trading for some market participants, but it also places the product outside the familiar operating model that most issuers know from existing stock exchanges.
Caution does not settle the outcome
The wave of objections highlights unresolved questions around tokenized stock trading, including shareholder protections and the practical benefits for issuers. Companies may also be weighing whether 24/7 trading outside established market structures creates new risks or administrative complexity.
At the same time, the objections are not described as a definitive sign that tokenized trading will not go forward. Tokenization is still seen as a structure that could draw additional demand, particularly from overseas investors. For now, the clearest confirmed next step is the issuer review process itself, as more companies decide whether to participate or opt out during the 30-day window.
Source: www.coindesk.com