Wells Fargo and five others object to OKX-ICE tokenized stock listings: Report

Six more companies have reportedly filed objections to having their stocks listed in tokenized form on the proposed platform as part of a joint venture between cryptocurrency exchange OKX and the New York Stock Exchange’s parent company, the Intercontinental Exchange (ICE).

According to a Friday Reuters report, the proposed stock platform, called OKXICE, had 22 companies total objecting to having their US stock listings tokenized. Among the most recent objections reportedly included Wells Fargo, Arm Holdings and Intuit, adding their names to Microsoft and Google’s parent company Alphabet in the last week.

Notably, 16 of the companies were listed on Nasdaq, while only six of the stocks were available on the NYSE. Nasdaq released guidance for companies considering the US Securities and Exchange Commission (SEC) innovation exemption for trading tokenized stocks in September, noting issuers “must be cautious about their participation,” saying “consequences for liquidity, price discovery, and long-term shareholder value may not become apparent until well after the experiment is underway.”

Speaking to Cointelegraph on Tuesday, OKXICE co-chair and former New York Governor Andrew Cuomo said that company expected there to be more objections in an effort to avoid being the first ones testing the stock model. The venture proposed 62 companies listing tokenized stocks when it filed with the SEC earlier this month.

Cointelegraph reached out to Intuit for comment on the company’s decision to opt-out of the initiative, but did not receive an immediate response. Spokespeople for Wells Fargo and Arm Holdings declined to comment.