Giants Block Stock Tokens on NYSE-Linked Platform

Walmart, Microsoft and JPMorgan are among 38 companies that have blocked the trading of tokenized versions of their shares on OKXICE. The platform is a joint initiative supported by the parent company of the New York Stock Exchange. This defense mechanism allows issuers to reject the listing of assets by third parties within a 30-day window.

OKXICE intended to offer round-the-clock trading through automated liquidity pools on the XLayer network. The companies that opposed the move cite pricing risks and a lack of clear commercial incentives to participate in the model. US regulators require these tokens to maintain rights equivalent to those of conventional shares.

The platform's fee structure benefits the exchange itself and liquidity providers but does not guarantee direct financial returns to the stock issuers. This imbalance motivated the corporations to veto the initiative while they evaluate operational risks. The Securities Industry and Financial Markets Association has suggested changes to current rules.

Proposals include the requirement for explicit consent from companies and a longer period for reviewing objections. Regulators highlight concerns regarding the maintenance of shareholder records and potential distortions in asset prices. The standoff highlights the challenge of integrating the traditional stock market with digital asset infrastructure.