Wells Fargo, Arm and Intuit join growing list of companies rejecting tokenized shares on OKXICE

Six more companies, including Wells Fargo, Arm Holdings and Intuit, have objected to having their shares tokenized on OKXICE, a planned trading platform backed by crypto exchange OKX and Intercontinental Exchange (ICE), according to a regulatory document reviewed by Reuters. The latest objections bring the total to 22 companies, complicating plans by OKX and ICE to offer tokenized versions of 63 stocks. The regulatory document does not specify why the companies objected. The news follows earlier objections from Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s and Western Digital, which brought the total to 16 companies earlier this week. Other companies, including Broadcom, Verizon, UnitedHealth and CoreWeave, had previously opposed the tokenization of their shares on the proposed venue. OKX and ICE filed with the US Securities and Exchange Commission on October 5 to launch the platform under the regulator’s new five year innovation exemption. The framework allows eligible platforms to trade tokenized stocks without complying with certain requirements imposed on traditional stock exchanges. However, issuers must be notified before their shares are tokenized and...