OKXICE’s Andrew Cuomo calls issuer objections expected as 16 companies reject tokenized stocks

Andrew Cuomo, co-chair of OKXICE and former New York governor, said objections from major US companies to the venture’s proposed tokenized stock trading platform were an expected response to a new market structure, as the number of opposing issuers reached 16. “This is a very natural response,” Cuomo said during a Tuesday press call. He added that the model was designed to allow companies to decide whether to participate. The comments followed an October 19 notice from OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s and Western Digital were among seven additional companies that objected to having tokenized versions of their shares traded on the proposed platform. They joined nine previously disclosed objectors, including Broadcom, Verizon, UnitedHealth, CoreWeave and AppLovin. The latest additions bring the total to 16 companies, representing roughly a quarter of the 62 companies initially proposed for the platform. Cuomo said many companies were likely to observe the platform’s development before deciding whether to parti...