Six additional companies, including Wells Fargo, Arm Holdings, and Intuit, have reportedly declined to allow tokenised versions of their shares on the trading platform jointly backed by crypto exchange OKX and Intercontinental Exchange (ICE), according to a regulatory document reported by Reuters. The new objections bring the total number of issuers opting out to 22.
The document sets out the rules of the OKXICE venture and lists the companies that have objected, but it does not state their reasons. Of the 22 issuers, 16, including Microsoft and Alphabet, are listed on Nasdaq. The remainder are listed on the New York Stock Exchange, which is owned by ICE. Wells Fargo and Intuit declined to comment, while Arm did not immediately respond.
Issuer consent under the SEC’s innovation exemption
OKX and ICE filed with the US Securities and Exchange Commission (SEC) in October 2026 to launch tokenised stocks under the regulator’s new innovation exemption, introduced in September 2026. The framework allows platforms that facilitate trading in tokenised stocks to operate without complying with many of the requirements that apply to traditional stock exchanges.
The exemption also includes an issuer consent mechanism. Platforms must notify companies before listing tokenised versions of their shares and cannot proceed if the issuer objects. The provision has become a practical constraint for OKXICE, which had planned to tokenise 63 stocks but has encountered objections from issuers.
In addition, the SEC requires tokenised stocks under the exemption to confer the same rights and privileges as traditional securities, including the ability to receive dividends and exercise voting rights. This sets them apart from many tokenised stock products offered outside the US, which are frequently marketed in a similar way to shares but rarely provide the same rights, disclosures and protections as traditional equities.
Diverging positions on tokenised equities
Stock tokenisation involves creating digital tokens that represent a share and can be traded on a blockchain in a similar way to cryptocurrencies. The crypto industry has argued that the model could transform markets by enabling round-the-clock trading and instant settlement.
Addressing the objections, Andrew Cuomo, co-chairman of the OKXICE joint venture, said that, given the potential scale of change tokenisation could bring, it was natural for companies to adopt a ‘wait and see’ approach, CoinDesk reported.
Nasdaq has taken a more cautious stance. While stating that it welcomes tokenisation in principle, the exchange has argued that such products should be subject to the existing set of rules and investor protections. In an FAQ published in September 2026, Nasdaq warned that improperly regulated tokenisation could fragment liquidity and undermine price discovery, among other issues, and advised issuers to be cautious about participating. A Nasdaq spokesperson referred Reuters to the FAQ.
Nasdaq is also developing its own offering. The exchange has teamed up with Payward, the parent company of crypto exchange Kraken, to launch a tokenised stock platform in 2027.
The growing list of objections highlights the challenges facing stock tokenisation in the US, even after the SEC’s approval of these products. Because the innovation exemption gives issuers the ability to block listings, the scope of platforms such as OKXICE depends in part on the willingness of listed companies to participate. For now, a number of large US issuers have chosen not to.
