JPMorgan Chase (NYSE: $JPM), Coca-Cola (NYSE: $KO), and Dell Technologies (NYSE: $DELL) and four other companies have also objected to plans by crypto exchange OKX and New York Stock Exchange owner Intercontinental Exchange (NYSE: $ICE) to offer tokenized versions of their shares.
An updated notice dated October 27 added JPMorgan, Coca-Cola, Dell, Advanced Micro Devices (NASDAQ: $AMD), Adobe (NASDAQ: $ADBE), Applied Materials (NASDAQ: $AMAT) and Sandisk (NASDAQ: $SNDK) to the list.
The seven companies were among the 62 firms originally notified by OKXICE, bringing the number of disclosed objections to 33, meaning about 48% of the initial roster has now objected.
More From Cryptoprowl:
-
Cardano Founder Hoskinson Says Midnight Will Surpass Zcash, Urges Gemini to List ADA
-
Stacks Founder Warns Bitcoin Security Breach Could Hit Entire Crypto Market
-
Coinbase Targets Banks As Institutional Crypto Adoption Grows
-
60 Percent of Community Banks See Stablecoins as a Threat to Deposits, Lending
The objections come amid growing caution among publicly traded companies as crypto platforms explore ways to bring traditional stocks onto blockchains.
OKXICE announced its plans on Oct. 4, proposing round-the-clock trading of tokenized US stocks through permissioned Uniswap (CRYPTO: $UNI) v4 liquidity pools on OKX's XLayer blockchain. Transactions would settle in stablecoins, including USDC (CRYPTO: $USDC).
The venue would operate under the US Securities and Exchange Commission's five-year "Innovation Exemption," which allows qualifying platforms to test blockchain-based stock trading using automated market makers.
Companies have 30 days after notification to object to the inclusion of their shares. A written objection prevents the venue from offering that company's stock, although it does not automatically exclude the shares from other platforms.
The objection list has expanded rapidly, growing from nine companies on Oct. 15 to 16 on Oct. 19 and 22 on Oct. 23. Earlier objectors include Microsoft, Alphabet, Goldman Sachs, Wells Fargo, Intel and Oracle.
Several major companies, including Nvidia (NASDAQ: $NVDA), Tesla (NASDAQ: $TSLA), Apple (NASDAQ: $AAPL), and Amazon (NASDAQ: $AMZN), have not objected so far. Meanwhile, Nasdaq has said it will exclude its own shares from the SEC's exemption-based framework as it explores tokenized securities.
