33 Companies Block Tokenized Stock Trading; Apple and Tesla Not Among Objectors

JPMorgan and Coca-Cola are among 33 companies that have pushed back against plans for tokenized versions of their stocks to trade on OKXICE, a 24-hour venue supported by crypto exchange OKX and ICE, owner of the New York Stock Exchange.

AMD, Adobe and Dell added their names to the objections on Tuesday, per the latest filing. So far, 30 companies from OKXICE's original 62-company roster have opted out.

Apple, Nvidia, Tesla and Amazon do not appear among the objectors.

The Dispute Began With AMC

In September, AMC chief executive Adam Aron alleged that Robinhood was offering tokens tied to AMC's share price without authorization. AMC's stock climbed roughly 15% that morning.

“This quasi-fake market you are creating on the island of Jersey sows distrust amongst the public about financial markets in general,” Aron said.

Robinhood's offshore tokens are tied to price, unlike the share-backed tokens covered by the SEC's new US exemption. Aron's complaint nevertheless highlighted a problem for companies: outside platforms using their stock names were largely outside their control.

On September 17, that changed. The SEC's Innovation Exemption lets qualifying venues trade tokenized US shares, and gives companies 30 days to object. A timely objection blocks only that specific venue.

Paul Atkins, the SEC chair, described the framework as a way to “bring America’s capital markets into the digital age.”

What This Means for Stocks

For holders of JPMorgan and Coca-Cola stock, there is no immediate change. Their shares can still be traded on regular exchanges.

The objections on their own neither change a stock's value nor prevent other platforms from seeking to tokenize it.

The concern is how prices may behave if trading moves to separate round-the-clock markets. Nasdaq has warned that those venues could quote prices different from traditional exchanges.

OKXICE's own notice confirms that the venue functions outside Regulation NMS, which lets investors compare prices across US stock markets.

With nearly half its original lineup gone, OKXICE faces a question: if many of the biggest companies decline to take part, can a new tokenized stock market draw investors?