MORGANABLE BUSINESS / MARKETS
Wells Fargo, Arm Holdings and Intuit are among six companies that have objected to plans to offer digital versions of their shares on a proposed trading platform backed by crypto exchange OKX and Intercontinental Exchange (ICE).
Akure —
Wells Fargo, Arm Holdings and Intuit are among six companies that have objected to plans to offer digital versions of their shares on a proposed trading platform backed by crypto exchange OKX and Intercontinental Exchange (ICE).
The objections bring the total number of companies opposing the initiative to 22, according to a regulatory document reviewed by Reuters on October 23, 2026. The move highlights resistance to blockchain-based share trading.
The platform, known as OKXICE, had planned to offer tokenised versions of 63 stocks.
However, the objections create a hurdle because the regulatory framework prevents the platform from listing a company’s tokenised shares when that company formally objects.
The document did not explain why each company opposed the listings.
COMPANIES PUSH BACK
The latest group includes Wells Fargo, Arm Holdings and Intuit. Reuters did not identify the other three companies.
Sixteen of the 22 objecting companies trade on Nasdaq, including Microsoft and Alphabet.
The remaining objectors are listed on the New York Stock Exchange, which ICE owns.
The companies have not all explained their decisions publicly. Reuters reported that Wells Fargo and Intuit declined to comment, while an Arm spokesperson did not immediately respond.
Their objections do not necessarily mean they oppose every form of tokenisation.
Instead, they prevent their shares from being offered through this particular platform under the current process.
WHAT TOKENISED STOCKS MEAN
Tokenisation converts an asset’s ownership or economic interest into a digital token recorded on a blockchain.
A token may represent a share or a digital form of that security. Blockchain networks record transactions in a shared digital ledger, helping platforms track transfers.
Supporters say tokenised stocks could allow trading beyond the usual opening hours of traditional exchanges.
They also argue that blockchain systems could shorten settlement times and make some financial processes more efficient.
However, tokenised products do not all provide the same rights as ordinary shares. Some products offered outside the United States may give investors price exposure without granting voting rights, full disclosures or the shareholder protections that accompany direct ownership. Therefore, investors need to understand what a token represents before buying it.
Under the US Securities and Exchange Commission’s framework, tokenised stocks traded through qualifying venues must provide the same rights and privileges as equivalent traditional shares.
These include dividend rights and voting privileges. The requirements aim to protect investors while allowing regulators to assess blockchain-based trading.
THE SEC’S NEW FRAMEWORK
On September 17, the SEC introduced a temporary, conditional “innovation exemption” for certain venues trading tokenised US-listed stocks through specified blockchain-based systems. The order allows qualifying platforms to operate without meeting some requirements that apply to traditional exchanges. However, it includes conditions designed to protect investors and support market oversight.
One key condition gives companies an opportunity to object before an unaffiliated platform lists a tokenised version of their stock. The platform must provide written notice to the issuer. If the company objects through the required process, the platform cannot proceed with that listing under the exemption.
The framework also limits the number of stocks and trading volumes that qualifying venues can handle. It requires public disclosures about venue operations and trading activity. In addition, smart contracts used for trading must be auditable and public, while the venue must stop trading a token when trading in the underlying stock stops on its main exchange.
The SEC described the exemption as a temporary step while it gathers feedback and considers further action. The order is due to expire five years after publication unless the regulator changes the arrangement.
OKXICE PLANS TO MOVE AHEAD
OKX and ICE filed with the SEC earlier in October to launch the proposed tokenised-stock venue under the new framework. The plan brings a cryptocurrency exchange together with the owner of the New York Stock Exchange. The companies intended to make 63 US-listed stocks available through the project.
The objections limit the selection of shares the venue can offer. They also show how an issuer’s decision can affect a new financial service.
EXCHANGES DEBATE MARKET RISKS
Nasdaq has said it welcomes tokenisation in principle, but wants products to follow existing rules and investor protections. It has warned that poorly regulated tokenised trading could split liquidity across venues and weaken price discovery. Liquidity refers to how easily investors can buy or sell an asset without causing a large price change.
Nasdaq has also teamed up with Payward, the parent company of cryptocurrency exchange Kraken, to develop its own tokenised-stock platform.
This shows that traditional exchanges are not rejecting the technology outright. Instead, they are debating how to introduce it while maintaining transparency, fair trading and investor safeguards.
WHAT THE OBJECTIONS MEAN
The growing number of objections does not end the wider tokenisation effort. However, it complicates the OKXICE plan to offer a broad range of US shares.
The platform may still pursue stocks whose issuers do not object, subject to the SEC’s conditions and other applicable requirements.
For investors, the main question is whether tokenised shares can offer blockchain’s convenience without weakening rights attached to traditional securities.
Around-the-clock access and faster settlement may appeal to some traders.
Nevertheless, clear ownership rights, reliable pricing and strong disclosures remain essential.
The next stage will depend on how platforms respond, how issuers use their objection rights and how regulators assess the model.
For now, Wells Fargo and other firms have drawn a boundary around their shares on the proposed venue.
Their decisions show that tokenisation’s growth will depend not only on technology, but also on company consent, market confidence and effective regulation.
