The list of companies objecting to the tokenized stock exchange launched by OKX and the owner of the New York Stock Exchange continues to grow. As of late October 2026, 22 companies have filed formal objections to the planned trading of their tokenized shares on the OKX-ICE TSV platform. That number has surged compared to October 19, when the list stood at 16 companies, and October 15, which recorded just nine objections.
Six new public companies have joined the opposition: Wells Fargo, Cisco Systems, Marvell Technology, Arm Holdings, Moderna, and Intuit. These names follow a slew of corporate giants that had previously objected, including Microsoft, Alphabet, Goldman Sachs, Verizon, Broadcom, and UnitedHealth Group.
Despite the growing wave of opposition, none of the filings disclosed the reasons behind the companies’ objections. The official documents also do not clarify whether these objections carry any legal weight to halt the trading of the affected shares on the platform, or if transactions can continue regardless.
Major Banks and Chipmakers Join the Opposition
Wells Fargo’s entry makes it the second major US bank to object after Goldman Sachs. In the semiconductor and networking hardware sectors, the addition of Arm, Cisco, and Marvell adds further weight to tech industry opposition previously voiced by Microsoft, Broadcom, and Qualcomm.
The contested platform is a 50-50 joint venture between Intercontinental Exchange (ICE) - the owner of the New York Stock Exchange - and OKX’s US holding company. Dubbed OKX-ICE TSV (tokenized stock venue), the venue operates under an innovation exemption framework from the US Securities and Exchange Commission (SEC) announced in September 2026, shortly after the Clarity Act bill failed to pass in the Senate.
24-Hour Trading Without Circuit Breakers
OKX-ICE TSV plans to enable approved users to trade tokenized versions of US equities 24 hours a day, 7 days a week. All transactions are slated to route through Uniswap v4 liquidity pools on OKX’s XLayer blockchain network, paired with stablecoins such as USDC.
Behind the round-the-clock trading model, the platform’s technical governance raises several concerns. The trading system does not employ automatic halts or circuit breakers, which are standard on traditional stock exchanges to curb extreme price volatility. Furthermore, the smart contracts responsible for screening eligible traders were evaluated solely through the company’s internal audit, without the involvement of independent third-party auditors.
A rival exchange has taken a contrasting approach. Nasdaq, which secured SEC approval for its own standalone tokenization pilot, opted out and pulled its shares from being traded under the innovation exemption scheme.
Recent research from the International Monetary Fund (IMF) found tangible demand for tokenized equity trading, particularly outside traditional market hours. However, the IMF warned that the tokenized stock market remains highly volatile and prone to thin liquidity.
For market participants monitoring blockchain-based equities trading, the absence of circuit breakers and opaque smart contract audits call for caution. While around-the-clock trading offers flexibility, it also carries the risk of shallow liquidity during fast-moving market conditions.
Reported via Decrypt.
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Read also: OKX and NYSE Parent Plan Tokenization of 62 US Stocks - But 22 Issuers File Formal Objections
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
