NYSE-Backed Tokenization Venture Faces Strong Rejection

A stock tokenization initiative resulting from a partnership between OKX and the Intercontinental Exchange is facing a severe regulatory hurdle. More than 90% of the companies selected for the project have formalized objections against the inclusion of their assets in the new blockchain-based market.

Giants such as Apple, Nvidia, Microsoft, Amazon, and Tesla are among the 67 companies that rejected the proposal. Only six firms, mostly linked to the digital asset sector, have not presented official resistance so far. This scenario depletes the initial list of assets the venture intended to offer to investors.

Beyond corporate resistance, the project is dealing with critical liquidity issues. The operator and its affiliates decided not to provide liquidity for the trading pools, shifting this responsibility to external participants. The scarcity of financial resources available to sustain operations threatens the viability of the round-the-clock trading model using stablecoins.

The U.S. Securities and Exchange Commission had created a regulatory exemption to accelerate this type of market. However, the mass refusal from stock issuers puts the execution of the original plan in doubt. The future of the platform now depends on a deep restructuring regarding which assets can be traded legally.