CoreWeave, Broadcom, Verizon among nine companies objecting to tokenized trading of their shares

Nine major U.S. companies, including CoreWeave, Broadcom, and Verizon, have filed formal objections to prevent tokenized versions of their stock from trading on OKXICE. The joint venture operates under a September 17, 2026 SEC innovation exemption that allows 24/7 trading of stock tokens unless issuers object within 30 days. While OKXICE plans to offer tokens for firms like Apple and Nvidia, critics including Nasdaq and Citadel Securities warn off-exchange tokenization undermines price transparency.

Corporate objections to OKXICE tokenization

• ▪Nine U.S.-listed companies, including Broadcom, CoreWeave, Verizon, UnitedHealth Group, and Cerebras Systems, filed formal notices objecting to tokenized versions of their stock trading on OKXICE
• ▪Nasdaq announced it will opt out of having its shares tokenized under the SEC's innovation exemption, stating that OKXICE fails to display real-time best prices or report trades to the consolidated tape
• ▪Fiber-optic component maker Applied Optoelectronics objected to OKXICE tokenizing its shares, citing concerns over potential investor confusion, lack of shareholder benefit, and unpredictable impacts on stock price, volatility, and liquidity

SEC objection rules for issuers

• ▪Under the SEC's September 17, 2026 innovation exemption, a trading venue must notify an equity issuer 30 calendar days before listing third-party stock tokens, giving the issuer a 30-day window to file an objection notice
• ▪An issuer's formal objection under the SEC's innovation exemption legally blocks only the specific venue that sent the notice, requiring each new trading venue to initiate its own separate 30-day opt-out window

Proposals to reform tokenization objection rules

• ▪Computershare requested in an October 2, 2026 comment letter that the SEC allow companies to file standing objections against stock tokenization
• ▪In October 2026 comment letters to the SEC regarding its innovation exemption, stock transfer agent Computershare and law firm Hunton Andrews Kurth requested an explicit consent requirement and a centralized public register for issuer objections to stock tokenization

OKXICE tokenized trading platform plans

• ▪OKXICE plans to operate 24/7 permissioned liquidity pools on the X Layer network, pairing stock tokens against USDC, USDG, or USDT stablecoins for identity-verified traders holding non-transferable soulbound tokens
• ▪Formed in June 2026 and co-chaired by former New York Governor Andrew Cuomo, joint venture OKXICE notified the SEC on October 4, 2026 of plans to offer tokenized stock trading across 63 tickers
• ▪OKXICE intends to launch tokenized stock trading for major companies including Apple, Nvidia, Microsoft, Amazon, Alphabet, Tesla, JPMorgan Chase, and Walmart

SEC innovation exemption framework

• ▪On September 17, 2026, the SEC enacted a five-year innovation exemption order allowing permissioned venues such as OKXICE to trade tokenized U.S. equities without registering as traditional securities exchanges or market maker dealers
• ▪Legal analysis from Davis Polk notes that the SEC's September 17, 2026 innovation exemption relief remains active through September 17, 2031, providing a regulatory testing period to gather data for permanent equity tokenization rules

AMC and Robinhood token dispute

• ▪AMC Entertainment CEO Adam Aron publicly criticized Robinhood's offshore-issued stock tokens tied to AMC shares in a September 3, 2026 post on X after AMC issued a cease-and-desist demand to the platform
• ▪Robinhood refused a cease-and-desist demand from AMC Entertainment regarding digital stock tokens tied to AMC shares