Major U.S. Issuers Challenge SEC Tokenized‑Stock Framework Ahead of OKXICE Launch

Nasdaq has expressed concern that its shares not be listed on a platform lacking real‑time best‑price displays and consolidated‑tape reporting, a Wall Street Journal report quoted a spokesperson. Nasdaq was not among the nine issuers identified in OKXICE’s notice.

Path to onchain stock trading

OKXICE said on October 5 it has notified the SEC of plans to launch an on‑chain trading venue that will initially cover 63 U.S. listed equities. The initiative was announced on X by co‑chair Andrew Cuomo, a former New York governor.

The platform will operate under the SEC’s five‑year Innovation Exemption, granted on September 17, which permits eligible venues to trade tokenized U.S. equities via automated market makers and liquidity pools.

Tokenized stocks are blockchain‑based proxies for traditional shares. OKXICE intends to run a 24/7 market powered by Uniswap v4 liquidity pools on OKX’s XLayer blockchain, settling trades in stablecoins.

According to the filing, each token will be fully backed by the corresponding underlying share held by a registered broker‑dealer. Token holders are entitled to the same economic rights, such as dividends and voting.

Issuer doubts

The resistance from issuers aligns with observations from TD Securities analysts, led by Reid Noch, the firm’s vice president of U.S. equity market structure.

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