Microsoft, Google and 22 other publicly listed companies oppose OKXICE stock tokenization trading; industry insiders say it does not represent a rejection of tokenization.

On October 24, according to CoinDesk, companies including Microsoft, Google parent company Alphabet, McDonald's, Goldman Sachs, Wells Fargo, and Cisco have objected to their stocks being traded on OKXICE, a tokenized securities trading platform built through a partnership between OKX and Intercontinental Exchange (ICE). Currently, the number of publicly listed companies that have explicitly raised objections has increased to 22.

Under the U.S. SEC's innovation exemption framework, tokenized securities trading platforms must notify stock-issuing companies in advance and grant them a 30-day objection period. If a company does not raise an objection within the timeframe, the platform may proceed with the related transactions. Law firm Latham & Watkins noted that current rules do not provide a mechanism to withdraw previously tacit consent after trading begins, leading companies to likely opt for upfront objections.

Industry insiders believe these objections do not signify a complete rejection of stock tokenization by the companies, but rather reflect concerns over shareholder rights, liquidity fragmentation, and market regulation mechanisms. Notably, while Nasdaq supports stock tokenization, it also objects to its own stock being traded under the current exemption framework. Meanwhile, Securitize and BitGo have stated they will not object to their stocks being listed on the OKXICE platform.