A total of 67 public companies in the United States have voiced their opposition to a proposal from crypto exchange OKX to trade dozens of US stocks in tokenized form. This rejection emerged after the US Securities and Exchange Commission (SEC) opened a conditional route for tokenized stock trading through licensed trading platform experiments and liquidity pools.
Under the regulatory framework released by the agency, the SEC established a 30-calendar-day objection window. This provision grants public issuers the right to file formal objections against shares that third parties intend to tokenize without direct approval from the companies involved. This 30-calendar-day window provides a legal instrument for issuers to reject the listing of their tokenized shares.
List of Corporations Rejecting OKX’s Proposal
The list of corporations opposing the tokenization plan includes 67 public companies across various US industries. Among the rejecting issuers are Apple, Meta, Tesla, Amazon, Nvidia, Nike, Dell, IBM, Intel, AMD, Netflix, Adobe, Oracle, Reddit, and Eli Lilly. All of these issuers exercised their formal objection rights to strike down OKX’s plan to trade their shares in token form.
SEC Commissioner Hester Peirce emphasized that issuer disclosure regulations explicitly provide an opt-out option for companies that reject third-party tokenization products. According to Peirce, the existing regulatory framework was intentionally designed to give companies full control to refuse the inclusion of their securities in token product structures offered by crypto exchanges.
The Fate of Dividends and Securities Records
This mass rejection dispute has ignited legal debate regarding investor rights over dividend claims and ownership of securities records. The legal crux arises when a third party operates a custody system and redemption mechanism completely detached from the original issuer.
When custody and redemption processes are handled independently by a third party outside the issuer’s official books, the legal standing of token holders’ rights comes into question. The relationship between crypto exchange ledgers and original shareholder registers lacks governance certainty, particularly regarding corporate law recognition of dividend distribution claims for token holders.
For market participants tracking the evolution of tokenized stock instruments, this coordinated move by 67 US issuers underscores a critical reality: third-party experimental trading permissions remain at odds with issuers’ refusal rights and the validity of investors’ securities records.
Reported by crypto.news.
Read also: Hong Kong Tokenizes 400-Ounce Gold Bars for Interbank Settlement - Retail Access Completely Closed
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.
