Walmart and Eli Lilly join growing corporate resistance to OKXICE tokenized stock platform
Walmart, Eli Lilly, and three other major corporations have formally objected to the tokenized trading of their shares on OKXICE, raising the total number of dissenting issuers to 38.
Corporate pushback against the planned OKXICE tokenized stock venue has deepened as five more companies filed objections to prevent third-party tokens of their shares from trading on the platform. A public notice from OKXICE dated Oct. 28 added Walmart, Eli Lilly, Cigna, Carnival, and Arcos Dorados to its list of objectors, bringing the total number of dissenting companies to 38, according to an Unchained report.[3][4][7]
The latest wave of opposition means that 53% of the 62 stocks originally slated for tokenization on the venue are now blocked, per Crypto Briefing. Earlier objectors include corporate heavyweights such as Microsoft, Alphabet, Goldman Sachs, Broadcom, UnitedHealth, AMD, Coca-Cola, and JPMorgan. Explaining its earlier stance, JPMorgan told CoinDesk that while it is encouraged by the potential of tokenization, it needs to be thoughtful about how its shares are represented and traded.[1][3][4][8]
OKXICE LLC is a 50/50 joint venture between Intercontinental Exchange and OKX affiliate OKC USA Holding Inc. It plans to offer 24/7 onchain equities trading through permissioned Uniswap v4 pools on OKX's X Layer network. Under the SEC exemption governing the model, issuers receive notice and have a 30-calendar-day window to file a written objection that blocks third-party tokens of their stock, forcing the venue to disclose the exclusion in public updates.[2][3][5]
Key facts
- An OKXICE notice dated Oct. 28 listed five new objectors: Walmart, Eli Lilly, Cigna, Carnival, and Arcos Dorados.
- A total of 38 companies have formally objected to the tokenization of their shares on OKXICE, up from 33 on Oct. 27.
- Objections now cover 53% of the 62 tokenized stocks originally proposed for the OKXICE platform.
- Under the applicable SEC exemption, issuers have 30 calendar days after receiving notice to file a written objection blocking third-party tokens of their stock.
- Other major issuers that previously objected include Microsoft, Alphabet, JPMorgan, and Goldman Sachs.
- OKXICE is an equally split joint venture between Intercontinental Exchange and OKC USA Holding Inc., designed to run on the X Layer network.
Sources · 8 sources
- CB
Crypto BriefingArticle ·
Walmart and Eli Lilly reject OKXICE tokenized stock plans as objections reach 38 Corporate resistance to OKXICE's tokenized stock plans highlights broader concerns about third-party control and the future of blockchain securities. The post Walmart and Eli Lilly reject OKXICE tokenized stock plans as objections reach 38 appeared first on Crypto Briefing .
Open source - CR
CryptoSlate@CryptoSlatePost on X ·
OKXICE's Oct. 28 notice lists 38 issuers, including Walmart, Microsoft and JPMorgan, objecting to third-party tokens of their shares. Issuers have 30 calendar days after receiving notice to block such tokens on a given venue. via @pelicamatos https://t.co/0ftdsQNmho
Open source - UN
UnchainedArticle ·
Walmart, Eli Lilly and Cigna File Objections to ICE and OKX’s Tokenized Stock Venue Walmart , Eli Lilly , Cigna , Carnival and Arcos Dorados have joined the companies objecting to tokenized trading of their shares on OKXICE TSV, the venue that Intercontinental Exchange and OKX own together. A public notice from the venue dated Oct. 28 lists 38 issuers under its “Notice of Issuer Objection” heading. The five companies above are the only names on it that did not appear in the Oct. 27 version, which counted 33 objectors , including JPMorgan, AMD and Coca-Cola. As in earlier versions, the notice does not explain why any company objected. It also gives no date for when trading will start. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . A List That Keeps Growing Under the SEC exemption that allows onchain trading of tokenized stocks , a company that files a timely written objection keeps a third-party token of its stock off the venue, and the venue has to disclose the objection in an updated notice. The Oct. 8 notice already listed four objectors, and every update since has added names. The count reached nine on Oct. 15, 16 on Oct. 19, 22 on Oct. 23 and 26 on Oct. 26 before hitting 33 on Oct. 27. Earlier objectors include Microsoft , Alphabet , Goldman Sachs , Broadcom and UnitedHealth . How the Venue Would Work OKXICE LLC, the Texas company behind the venue, is split 50/50 between ICE and OKC USA Holding Inc., an OKX affiliate. Trades would run through permissioned Uniswap v4 pools on X Layer , the Ethereum layer-2 network OKX launched, with access limited to wallets holding a soulbound token the venue issues. The notice says it will operate 24 hours a day, seven days a week. The risk section is unchanged on governance. Upgrades to the venue’s smart contracts need sign-off from several authorized staff. Even so, changes “take effect without a timelock, so TSV Participants may receive no advance notice of an upgrade,” the notice says. ICE and OKX formed the joint venture to bring tokenized equities to market, with former New York Gov. Andrew Cuomo as co-chair. Related Listen: Robinhood Tokenized AMC Stock Without Asking. It’s Not Illegal, but Should It Be? The post Walmart, Eli Lilly and Cigna File Objections to ICE and OKX’s Tokenized Stock Venue appeared first on Unchained .
Open source - JM
Jacquelyn Melinek@jacqmelinekPost on X ·
UPDATE: Walmart and Eli Lilly are now among the companies opting out of tokenized trading of their shares on @okx and @ICE_Markets' OKXICE venue. Carnival, Cigna and Arcos Dorados also objected in the venture's updated notice dated Oct. 28, bringing disclosed objections to 38 of the original 62 names. JPMorgan, which objected earlier this week, told @CoinDesk: "We are encouraged by the potential of tokenization but also need to be thoughtful about how our shares are represented and traded."
Open source - CR
CryptoSlateArticle ·
Walmart, Microsoft and JPMorgan block NYSE-backed venture from tokenizing their shares Trading fees reward the venue, while issuers weigh pricing risks and a 30-day window to block a third-party proposal. Read the full story on CryptoSlate Understand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Open source - LS
Laura Shin@laurashinPost on X ·
OKXICE TSV's latest public notice names 38 issuers that objected to having their shares tokenized on the venue, up from 33 a day earlier. Carnival and Arcos Dorados are also new to the list. https://t.co/jEQlD2C7Ru
Open source - CO
CoindeskArticle ·
Walmart, Eli Lilly join growing pushback against OKX–ICE tokenized stock plans Five more companies have objected, bringing the total to 38 as a rival Canton venue prepares to launch with an issuer-sponsored stock under the SEC's innovation exemption.
Open source - CB
Crypto Briefing@Crypto_BriefingPost on X ·
📉NEW: Walmart and Eli Lilly join a growing list of companies opposing tokenized stock trading on OKXICE, bringing total objections to 38. The pushback now covers 53% of the venue's original 62 proposed stocks, including Microsoft, Alphabet, JPMorgan and Goldman Sachs. https://t.co/Ti1U2HNkCw
Open source