Wells Fargo, Cisco, Marvell among latest firms objecting to OKXICE's tokenized stock plan
Major corporations including Wells Fargo, Cisco, and Moderna have formally objected to OKXICE's plan to offer tokenized versions of their stocks on the blockchain. This growing list of objections poses a significant challenge to the proposed 24/7 tokenized securities market structure.
Why it matters
The resistance from major issuers highlights the friction between traditional financial institutions and the adoption of blockchain-based trading models.
The companies, along with Arm Holdings (ARM), Moderna (MRNA), Intuit (INTU) and Marvell Technology (MRVL), were named in an updated public notice filed Friday by OKXICE, the two firms’ joint venture.
The additions extend a list that already included some of the world’s largest publicly traded companies , such as Microsoft MSFT $524.32 · Market Closed , Alphabet (GOOG, GOOGL), Goldman Sachs (GS) and McDonald’s and said no to the venue’s plan in recent weeks.
The growing number of objections signals a hurdle for a new market structure that would let U.S. investors trade stocks around the clock on blockchains. The SEC’s five-year “ Innovation Exemption ” allows qualifying tokenized securities venues, or TSVs, to test trading through automated market makers — software that executes trades using pools of assets — while giving issuers a say in whether their shares participate.
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