Nvidia, Nike and 10 More Companies Object: List Blocking OKX-ICE Tokenized Stock Platform Reaches 50

What happened

Decrypt reports that, according to an Oct. 30 update notice from OKXICE TSV, 12 more companies have objected to their shares trading on the platform. It is the largest single batch so far and brings the total to 50.

A tokenized stock is a digital token version of a stock that circulates on a blockchain. The dispute centers on the fact that these tokenized versions are created by third parties unrelated to the issuing company.

The newly added companies listed by Decrypt include Nvidia, Costco, Nike, Micron, CrowdStrike, Palo Alto Networks, Reddit, Hewlett Packard Enterprise, Corning, Bloom Energy, IREN and USA Rare Earth. Decrypt notes the full list spans technology, finance, retail, healthcare and energy. Decrypt describes IREN as a bitcoin miner that has expanded into AI cloud computing.

Decrypt says the list has grown more than fivefold since Oct. 15. It also notes that large market names such as Apple, Tesla and Amazon do not yet appear on it.

How the rules work

Decrypt says that after the Clarity Act, a crypto market bill, stalled in the U.S. Senate, the SEC announced an innovation exemption in September. Under it, a platform that wants to offer tokenized versions of a company's stock made by an unrelated third party must first notify that company.

According to the SEC order as cited by Decrypt, if a company files a written objection within 30 days, the platform cannot offer that stock. The objection applies only to that platform and does not affect other trading venues.

As Decrypt describes it, OKXICE TSV is a 50-50 joint venture between Intercontinental Exchange, owner of the New York Stock Exchange, and OKX's U.S. holding company. The platform plans to let approved users trade tokenized U.S. stocks around the clock. Trades would run through Uniswap v4 pools on OKX's XLayer blockchain that only approved participants can use. Trades would be paired with stablecoins such as USDC, crypto tokens designed to hold a fixed value against currencies like the dollar.

Why companies object: only speculation so far

Decrypt says none of the objecting companies has explained why. Nasdaq offered one possible reason when it opted its own stocks out of the exemption. As Decrypt relays it, a Nasdaq spokesperson told The Wall Street Journal that it did not want its stocks on a platform that neither displays the best price in real time nor reports trades to the consolidated tape, the public system that aggregates trade records from exchanges.

Decrypt also cites a Crypto in America report suggesting Nasdaq may be encouraging companies behind the scenes to opt out. A Nasdaq-listed company executive said: "Nasdaq is definitely partly behind this." This is an anonymous claim relayed by the media.

Decrypt further notes that OKXICE's notice acknowledges the platform is not subject to Regulation NMS, rules meant to ensure investors receive the best displayed price. The notice also warns that brokers face unresolved questions on the platform, including trade reporting and best execution, the duty of brokers to seek the most favorable terms for clients.

What it means for general readers

This shows that tokenized stocks are not just a technical matter; they also depend on issuer consent, how regulatory rules apply, and the attitude of established exchanges. The figures here reflect Decrypt's reporting based on the platform's notices, and the list may change.

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