Microsoft, Google's parent company, and five other firms oppose the trading of their tokenized stocks on the OKX-ICE platform.

October 20 - Microsoft, Google parent company Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's, and Western Digital have opposed the trading of their tokenized stocks on the trading platform planned by OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.

According to the public statement updated by the joint venture on October 19, 7 additional companies have raised objections, bringing the total number of companies disclosed to have objected from 9 last week to 16. Companies that previously raised objections also include Broadcom, Verizon, UnitedHealth, CoreWeave, AppLovin, Applied Digital, Rocket Lab, and Applied Optoelectronics. The relevant documents did not specify the reasons for these companies' objections.

OKX-ICE announced the relevant plan on October 5, intending to conduct tokenized US stock trading under the US Securities and Exchange Commission (SEC)'s five-year "innovation exemption" framework, matching trades through automated market makers and liquidity pools, and allowing stock issuers to raise objections. The platform's initial proposed trading list covered 62 companies and 63 ticker symbols, with Alphabet including two classes of shares. Currently, 15 companies on the list have raised objections, and another objecting company, Cerebras Systems, was not on the initial list. The growing opposition from issuers is becoming a headwind for the tokenized stock trading plan.