JPMorgan Chase, Coca-Cola, and Dell Technologies joined seven other companies objecting to OKXICE TSV's tokenized stock venue, according to a notice dated Tuesday. Advanced Micro Devices, Adobe, Applied Materials, and Sandisk also filed objections. The total number of objecting issuers reached 33, up from 26 the previous day.
The list has grown rapidly. It contained nine companies on Oct. 15, 16 on Oct. 19, and 22 on Oct. 23. Microsoft, Alphabet, Goldman Sachs, Wells Fargo, Intel, and Oracle were earlier objectors. JPMorgan is the third major bank to object, after Goldman Sachs and Wells Fargo.
The SEC's innovation exemption requires a venue to notify a company before offering tokenized versions of its shares through an unaffiliated third party. If a company objects in writing within 30 days, the venue cannot make that stock available for trading on that venue, according to the SEC's order. The notices have not disclosed the companies' reasons for objecting.
OKXICE's Oct. 4 notice proposed 63 tokenized stocks from 62 companies. Several objectors, including Wells Fargo and Arm, were not on the initial roster. Nvidia, Tesla, Apple, and Amazon have not objected so far.
OKXICE TSV is a 50-50 joint venture between Intercontinental Exchange and OKX's U.S. holding company. The venue plans to let approved users trade tokenized U.S. stocks around the clock through permissioned Uniswap v4 pools on OKX's XLayer blockchain, paired with stablecoins such as USDC. Earlier notices warned that it remains uncertain whether tokenized shares held in self-custodied wallets would receive Securities Investor Protection Corporation coverage if the tokenizer's broker-dealer failed.
Nasdaq, which received SEC approval for its own tokenized securities pilot, has said it will opt its shares out of the exemption.