33 major U.S. companies now oppose tokenisation of their shares on OKXICE

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https://cryptoast.fr/33-grands-groupes-americains-opposent-tokenisation-actions-okxice/

Last July, the crypto platform OKX announced its partnership with the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), in order to launch the OKXICE joint venture dedicated to the establishment of a common infrastructure to support the development of tokenized financial products.

A strategic alliance which notably included the launch of a trading platform dedicated to the tokenized shares of large American groups, whose initial list had no less than 62 possible members, including the tech giants Apple, Microsoft, Nvidia and Alphabet, but also Netflix, JPMorgan, Coca-Cola, and the crypto companies Coinbase and Circle.

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An apparently promising first selection which, however, seems to come up against certain reluctance on the part of the elected companies. Indeed, just three months after the announcement of this launch, 16 companies selected by OKXICE had already notified their official objection to the tokenization of their shares on its platform.

A movement which seems to have accelerated since then, since the number of these oppositions formulated now involves a total of 33 large American groups, according to details updated by OKXICE in its last official report of October 27.

According to available information, the latest update of this list therefore adds the American giants JPMorgan, Coca-Cola and Dell Technologies to the 30 other companies having already officially expressed an objection to the tokenization of their shares on the OKXICE platform, after IBM, Oracle, Intel and IonQ on October 26.

A necessary procedure as part of the recent temporary regulatory plan "Innovation Exemption" put in place by the SEC last September, in order to allow on-chain platforms - of the "tokenized securities venue" (TSV) type - such as OKXICE to trade tokenized versions of shares listed in the United States, without having to wait for the effective adoption - and still pending - of the CLARITY Act bill.

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Indeed, the SEC system makes it possible to tokenize the shares of a company without needing its direct involvement, unless the latter formally objects. And, clearly, this option has now been favored by almost half of the issuers on OKXICE's initial list.

The only company to have officially communicated its opposition to the tokenization of its shares on OKXICE is Applied Optoelectronics, which indicated that it preferred to remain cautious because it did not benefit from any hindsight on the possible consequences that this could have on its share price, liquidity and volatility.

Machine-translated from French