OKX and ICE to launch tokenized stocks on Nov. 23 despite objections

OKX and Intercontinental Exchange plan to launch tokenized stock trading on Nov. 23 under a temporary SEC Innovation Exemption, despite objections from 67 companies including JPMorgan Chase, McDonald’s, SpaceX and Coca-Cola. The venture, known as OKXICE, will offer eligible US customers round-the-clock trading in more than 70 assets. The debut tests whether blockchain-based equities can operate alongside traditional exchanges without splitting liquidity.

SEC exemption, objecting firms and planned listings

OKXICE will operate under the US Securities and Exchange Commission’s temporary Innovation Exemption, which requires venues to give companies a chance to object before listing shares tokenized by an unaffiliated third party. JPMorgan Chase, McDonald’s, SpaceX and Coca-Cola were among the firms that objected to having their shares listed. Tokenized stocks are blockchain-based tokens that represent company shares or track their price, with rights depending on how they are structured. The distributed value of tokenized stocks and ETFs reached 3.88 billion dollars on Nov. 11, up 13.4 percent over 30 days.

OKX expects the venue to list more than 70 assets, including 59 exchange-traded funds and tokenized shares of Coinbase, Circle, BitGo, Robinhood and Strategy. The lineup also includes Strategy’s preferred shares. Former New York governor and OKXICE co-chair Andrew Cuomo said investors would have the same rights, protections and ownership that come with the underlying shares. Nasdaq is pursuing its own tokenized stock plans after warning that trading across platforms could fragment liquidity. Regular US stock trading runs from 9:30 a. m. to 4 p. m. Eastern time on weekdays, excluding market holidays, though some brokers offer premarket, after-hours and overnight trading.

What round-the-clock equity trading changes

For people who hold stocks or ETFs, the practical change is access outside standard market hours through a regulated venue that claims to preserve shareholder rights rather than offer synthetic exposure. Cuomo described the current market structure as built for another era, arguing that crypto markets had already shown that trading could run around the clock. That could matter for workers with limited time during the trading day and for households that need to react to company news released overnight. It also raises operational questions about custody, corporate actions and how orders are handled when traditional exchanges are closed.

The rollout does not prove that tokenized equities are equivalent to exchange-listed shares in all conditions. An October study by the International Monetary Fund found tokenized stocks were about 1.5 times as volatile as the same stocks in traditional markets, with decentralized exchanges showing the weakest liquidity. The IMF also warned that combining trading and settlement on a blockchain could remove safeguards that help markets absorb shocks. The service is limited to eligible US customers, and the objections show that not all issuers accept third-party tokenization of their shares.