JPMorgan, Coca-Cola, Dell also say 'no' to OKX-ICE tokenized tock trading plan

JPMorgan Chase (JPM), Coca-Cola (KO) and Dell Technologies (DELL) person joined the increasing pushback against tokenized banal trading plans by crypto speech OKX and NYSE genitor Intercontinental Exchange, with astir fractional the companies connected the venture’s archetypal roster present opting out.

The companies, alongside Applied Materials, Adobe, Dell Technologies and Sandisk, appeared successful an updated nationalist announcement dated Tuesday, Oct. 27, from OKXICE, the 2 firms’ associated venture. The 7 additions bring disclosed objections to 33, up from 26 successful Monday’s notice.

Nearly fractional the venture’s archetypal enactment has present opted out. All 7 recently disclosed objectors were among the 62 companies initially projected for trading, bringing objections from that roster to 30, oregon astir 48%, according to CoinDesk’s tally. Some of the firms that objected — Wells Fargo, Arm, Cerebras — were not listed successful that filing.

Issuer caution

The increasing database of objections highlights issuers’ caution astir a caller marketplace operation taking signifier nether the SEC’s “Innovation Exemption.” The model gives venues country to trial blockchain-based banal trading, but companies are inactive weighing however those markets would enactment and what they basal to gain, experts told CoinDesk earlier.

OKXICE issued its archetypal announcement connected Oct. 4, outlining plans for round-the-clock trading done Uniswap v4 liquidity pools connected OKX’s XLayer blockchain, with transactions settled successful stablecoins.

The venue would run nether the SEC’s five-year “Innovation Exemption,” which allows qualifying platforms to commercialized tokenized stocks utilizing automated marketplace makers. Companies person 30 days aft notification to entity to their inclusion.

OKXICE co-chairman Andrew Cuomo antecedently said galore companies were expected to hold and spot however the marketplace develops earlier participating, describing the SEC’s constricted experimentation arsenic “a sandbox—a exemplary demonstration.”