Microsoft and peers file 22 objections to OKXICE tokens

Microsoft, Alphabet, McDonald’s and other issuers are among at least 22 companies that formally objected to OKXICE’s tokenized-stock plan, a Gizmodo article reported Oct. 25, citing Reuters and Fortune.

The Oct. 25 article said OKXICE plans to tokenize 63 U.S.-listed stocks, meaning the objections cover roughly 35% of the proposed universe, according to Atlas360 calculations.

OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, plans to offer round-the-clock trading in blockchain-linked instruments tied to U.S.-listed stocks, according to the Gizmodo article. Intercontinental Exchange is the parent of the New York Stock Exchange.

Andrew Cuomo, the former New York governor who co-chairs OKXICE, said in a written statement to Fortune that resistance was expected. “We always anticipated that, because this is such a dramatic and revolutionary change, many companies would want to wait and see how it goes rather than be the first to participate,” he said.

Applied Optoelectronics told Fortune it objected because the structure is new and its effect on share pricing, liquidity and volatility is unclear. “At this stage, we don’t see a clear benefit to AOI or our shareholders that justifies these uncertainties,” a spokesperson said.

The objections disclosed this month include Microsoft, Alphabet, Goldman Sachs, Caterpillar, McDonald’s, Qualcomm and Western Digital, according to Fortune as cited by Gizmodo. Reuters later reported six more objections, including Intuit and Wells Fargo, after earlier objections from CoreWeave, Verizon, Applied Optoelectronics, Broadcom, UnitedHealth Group and others.

Tokenized stocks are blockchain-based instruments designed to track or represent listed shares. Under the SEC exemption described by Gizmodo, Tokenized Securities Venues can trade certain tokenized National Market System stocks, a category of U.S.-listed equities, without registering as national securities exchanges if the tokens carry the same rights and privileges as the underlying shares, including dividends and voting rights.

The process does not require a venue to secure an issuer’s approval before sending notice. Erin Martin, a Morgan Lewis partner and former senior SEC lawyer, told Fortune, “If they don’t object within that 30-day notice period, the [venue] can go ahead and start to tokenize and list those securities.”

Gizmodo reported that Martin also pointed to practical notice problems, including the possibility that a notice sent to a company’s main executive office may not quickly reach legal staff. The article said SEC rules do not clearly say whether a company can reverse course after the 30-day period closes.

The issuer objection right is limited. Gizmodo reported that an objection stops trading on that specific platform under the exemption, but does not bar other firms from offering stock-linked tokens overseas or through different legal structures.

AMC Entertainment Chief Executive Adam Aron separately criticized Robinhood last month over tokenized AMC-linked stock, according to Gizmodo. Apple, Nvidia and Amazon had not publicly objected as of Fortune’s report, while notices sent in early October gave companies until early November to respond.

Issuer deadlines ahead

Early November is the next response window to track for Apple, Nvidia and Amazon, after notices sent in early October gave them until then to object, according to Fortune as cited by Gizmodo.

The 30-day notice process is another check on the SEC exemption’s practical effect: an unanswered notice allows the venue to proceed after the deadline, Martin told Fortune.

The five-year exemption window for Tokenized Securities Venues is the broader regulatory test, as venues may trade certain tokenized National Market System stocks without registering as national securities exchanges if the conditions described by Gizmodo are met.

Source: news article, Gizmodo, Oct. 25, 2026