Major Firms Reject OKX Tokenized Stock Trading Plan

Global corporations including JPMorgan Chase, Coca-Cola and Dell Technologies have formally opposed the trading of their shares in tokenized form. The initiative is led by cryptocurrency exchange OKX in partnership with Intercontinental Exchange, the owner of the NYSE.

The number of companies requesting the removal of their assets from the platform has reached 33. This volume represents nearly half of the original list of 62 names proposed for the project. Other organizations such as Adobe and Applied Materials also appear in the most recent public notice.

The OKX-ICE joint venture plan aimed for round-the-clock asset trading through liquidity pools on the XLayer blockchain. Transactions would be settled using stablecoins within an experimental environment regulated by the SEC.

The operational model is based on the SEC's Innovation Exemption. This regulatory framework allows platforms to test the trading of tokenized stocks with automated market makers over a five-year period.

The growing list of refusals reflects corporate caution regarding the new market structure. Issuers are weighing the risks and actual benefits before authorizing the exposure of their shares in decentralized environments.