OKXICE stock tokens face 10 opt-outs, Figure’s Mike Cagney says

Figure co-founder Mike Cagney has said 10 companies have opted out of stock tokenization on OKXICE, questioning the proposed venue’s appeal without leverage or stock lending. Summary 10 companies have opted out, according to Cagney, but the examined venue notice identifies nine. SEC rules prohibit qualifying venues from extending credit to participants for tokenized stock purchases. Cagney questioned the product’s appeal while acknowledging a possible advantage through OKX’s distribution. Qualifying stock tokens must preserve shareholder rights, distinguishing them from products offering only price exposure. Mike Cagney, in an Oct. 19 X post supplied for this report, put the tally at 10 “as of last week” and argued that U.S. investors would be better served by conventional national markets. His comments combine a claim about issuer objections with criticism of the product’s financing options. As of last week, 10 companies had opted out of having their stock listed as a token on the OKXICE TSV. On a first order, companies should get the directional benefit of a marginal buyer, as there is an underlying DTC share backing the token. But second order is where things…— Mike Cagney 🇺🇸 (@...