JPMorgan and Coca-Cola are among 33 companies blocking plans to trade tokenized versions of their stocks on OKXICE, a 24-hour market backed by crypto exchange OKX and New York Stock Exchange owner ICE.
AMD, Adobe and Dell joined the objections Tuesday, according to the latest filing. Thirty companies on OKXICE’s original 62-company roster have now opted out.
Apple, Nvidia, Tesla and Amazon are absent from the objection list.
The Fight Started With AMC
In September, AMC CEO Adam Aron accused Robinhood of offering tokens tracking AMC’s share price without permission. AMC stock rose roughly 15% that morning.
“This quasi-fake market you are creating on the island of Jersey sows distrust amongst the public about financial markets in general,” Aron said.
Robinhood’s offshore price-linked tokens are different from the share-backed tokens covered by the SEC’s new US exemption. But Aron’s complaint exposed a problem for companies: they had little control over outside platforms using their stock names.
That changed on September 17. The SEC’s Innovation Exemption allows qualifying venues to trade tokenized US shares, while giving companies 30 days to object. A timely objection stops only that venue.
SEC chair Paul Atkins said the framework would “bring America’s capital markets into the digital age.”
What Does This Mean for Stocks?
For JPMorgan and Coca-Cola shareholders, nothing changes immediately. Their shares remain tradeable on normal exchanges.
The objections do not themselves alter a stock’s value or stop other platforms from seeking to tokenize it.
The concern is what happens to prices if trading spreads to separate 24-hour markets. Nasdaq warns such venues could show different prices from traditional exchanges.
OKXICE’s own notice confirms it operates outside Regulation NMS, which helps investors compare prices across US stock markets.
For OKXICE, losing nearly half its initial lineup raises a question: can a new tokenized stock market attract investors if many of the biggest companies refuse to join?
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