Wells Fargo (WF), Cisco (CSCO), Marvell (MRVL) join objections to OKX-ICE tokenized stock plans
Cisco, Wells Fargo, Arm, Moderna, Intuit and Marvell are among companies objecting to OKXICE’s plan to offer blockchain-based trading of shares, bringing the total objections to 22. Under the SEC’s five-year Innovation Exemption, qualifying venues can test tokenized securities trading through automated market makers, but issuers may block their shares from a specific venue. OKXICE plans to use Uniswap liquidity pools on OKX’s XLayer blockchain, with settlement in stablecoins. The original proposed roster contained 62 companies, and not all objectors were on it; objections apply only to the notifying venue and do not necessarily reject stock tokenization generally. Co-chair Andrew Cuomo characterized the framework as a limited sandbox and said companies may prefer to wait before participating.
