Microsoft, Alphabet and Goldman Sachs join objections to OKX-ICE tokenised stock trading

Growing list of 16 companies resists SEC-backed plan to trade blockchain-based shares round the clock

By LineZotpaper

Published20 October 2026

Read Time2 min

Microsoft, Alphabet and Goldman Sachs have objected to tokenised versions of their shares trading on OKXICE, the planned crypto-stock venue from OKX and New York Stock Exchange parent Intercontinental Exchange, bringing the disclosed number of objecting issuers to 16, according to an updated public notice from the joint venture.

The companies appear among seven additional objectors in the notice dated Oct. 19, which also includes Qualcomm, Caterpillar, McDonald's and Western Digital. Previous objectors already disclosed included Broadcom, Verizon, UnitedHealth, CoreWeave, AppLovin, Applied Digital, Rocket Lab and Applied Optoelectronics. The remaining company, Cerebras Systems, was outside the original proposed trading roster.

OKXICE announced its plans on Oct. 5, seeking to operate under the U.S. Securities and Exchange Commission's five-year "Innovation Exemption." The framework allows qualifying venues to trade tokenised U.S. stocks through automated market makers and liquidity pools, while giving issuers an opportunity to block the listing of blockchain-based versions of their shares.

The joint venture's original notice identified 63 tickers representing 62 companies, with Alphabet appearing through both share classes. Fifteen of those companies have now objected, leaving 47 without a disclosed objection.

The document does not explain the objecting companies' reasons or specify when they submitted their objections. OKXICE plans to offer round-the-clock, stablecoin-settled trading of tokens backed one-for-one by shares and carrying equivalent dividend and voting rights.

Analysis

Why This Matters

The objections test the SEC's new tokenised-stock framework, which is designed to allow innovation in securities trading while preserving issuer control.
If major companies continue to block tokenised versions of their shares, the OKXICE venue may struggle to attract meaningful liquidity, limiting the concept's viability.
The outcome could set a precedent for how traditional stock exchanges and regulators handle blockchain-based securities in the future.

Background

OKXICE is a joint venture between crypto exchange OKX and Intercontinental Exchange, the owner of the New York Stock Exchange. In October it unveiled plans to offer trading of tokenised U.S. stocks under an SEC innovation exemption that lasts five years. The exemption permits automated market making and stablecoin settlement, but gives issuers the right to object. The growing list of objectors highlights the tension between established companies' desire for control and the push for round-the-clock, crypto-style trading.

Key Perspectives

Objecting issuers (Microsoft, Alphabet, Goldman Sachs and others): These companies have not publicly explained their objections, but appear to want to prevent third parties from creating tokenised representations of their shares without their explicit approval. OKXICE: The venue aims to provide 24/7 trading of tokenised stocks settled in stablecoins, an innovation that could attract a new class of traders accustomed to crypto market hours and settlement speeds. Critics and skeptics: Issuer objections could slow adoption of tokenised securities, raise questions about the SEC framework's durability, and limit the utility of such venues if only smaller or less well-known companies participate.

What to Watch

Whether additional companies among the 47 remaining issuers without a disclosed objection will join the objectors list.
The SEC's response to the pushback and any adjustments to the innovation exemption.
The launch timeline for OKXICE and whether the venue will proceed with only non-objected stocks.

Sources

Microsoft, Alphabet and Goldman Sachs join objections to OKX-ICE tokenized stock trading · CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data

Checked

12 claims in this story checked against 1 source: 11 supported.

Show each claim

SupportedMicrosoft, Alphabet and Goldman Sachs objected to tokenised versions of their shares trading on OKXICE.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Microsoft MSFT$531.39 , Alphabet (GOOG, GOOGL) and Goldman Sachs (GS) have objected to having tokenized versions of their shares traded on OKXICE”
SupportedThe disclosed number of objecting issuers is 16.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “The additions bring the disclosed tally to 16 companies, up from nine in last week’s notice.”
Partly supportedThe plan to trade blockchain-based shares is SEC-backed.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “OKXICE announced its plans on Oct. 5, seeking to operate under the SEC’s five-year “Innovation Exemption.””
SupportedOKXICE plans round-the-clock trading of tokens settled in stablecoins and backed one-for-one by shares, with equivalent dividend and voting rights.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “OKXICE plans to offer round-the-clock, stablecoin-settled trading of tokens backed one-for-one by shares and carrying equivalent dividend and voting rights.”
SupportedSeven additional objectors appear in the notice dated Oct. 19.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “The companies appear among seven additional objecting issuers in the joint venture’s updated public notice dated Oct. 19 .”
SupportedThe seven additional objectors include Qualcomm, Caterpillar, McDonald’s and Western Digital.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Qualcomm (QCOM), Caterpillar (CAT), McDonald’s (MCD) and Western Digital (WDC) also joined the list.”
SupportedThe earlier disclosed objectors included Broadcom, Verizon, UnitedHealth, CoreWeave, AppLovin, Applied Digital, Rocket Lab and Applied Optoelectronics.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Previous objectors also included Broadcom (AVGO), Verizon (VZ), UnitedHealth (UNH), CoreWeave (CRWV), AppLovin (APP), Applied Digital (APLD), Rocket Lab (RKLB) and Applied Optoelectronics (AAOI).”
SupportedOKXICE announced its plans on Oct. 5 and sought to operate under the SEC’s five-year “Innovation Exemption.”CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “OKXICE announced its plans on Oct. 5, seeking to operate under the SEC’s five-year “Innovation Exemption.””
SupportedThe original notice identified 63 tickers representing 62 companies, with Alphabet represented by both share classes.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “OKXICE’s original notice identified 63 tickers representing 62 companies, with Alphabet appearing through both share classes.”
SupportedFifteen companies from the original roster have objected, leaving 47 without a disclosed objection.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Fifteen of those companies have now objected, leaving 47 without a disclosed objection.”
SupportedCerebras Systems is an objecting issuer that was outside the original proposed trading roster.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Cerebras Systems (CBRS), the other objecting issuer, was outside the original proposed trading roster.”
SupportedThe notice does not explain the objectors’ reasons or specify when they submitted their objections.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “The document does not explain their reasons or specify when they submitted their objections.”