Seven companies including Microsoft and Google’s parent company Alphabet oppose trading their tokenized stocks on the OKX-ICE platform.

Microsoft, Google parent Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s, and Western Digital have objected to the trading of their tokenized stocks on the planned joint platform by OKX and Intercontinental Exchange (ICE), parent company of the New York Stock Exchange. According to an updated public statement from the joint venture on October 19, seven more companies have raised objections, bringing the total number of disclosed objecting firms to 16 from 9 last week. Previously objecting companies include Broadcom, Verizon, UnitedHealth, CoreWeave, AppLovin, Applied Digital, Rocket Lab, and Applied Optoelectronics. The documents did not specify the exact reasons for the companies’ objections. OKX-ICE announced its plan on October 5 to launch tokenized U.S. stock trading under the U.S. Securities and Exchange Commission’s (SEC) five-year "innovation exemption" framework, using automated market makers and liquidity pools to facilitate trades, and allowing stock issuers to raise objections. The platform’s initial proposed trading list covers 62 companies and 63 stock tickers, with Alphabet including two classes of shares. So far, 15 firms on the list have raised objections, while another objecting company, Cerebras Systems, was not on the initial list. The growing number of objections from issuers is emerging as a key hurdle for the tokenized stock trading initiative.