OKXICE objections hit 33: JPMorgan, Coca-Cola, Dell opt out

JPMorgan Chase, Coca-Cola and Dell Technologies are among seven more companies that do not want their shares traded on OKXICE, the planned tokenized stock venue run by crypto exchange OKX and NYSE owner Intercontinental Exchange. The names appear in an updated OKXICE notice dated Tuesday, Oct. 27, CoinDesk reported. Last week the count stood at 22 objectors, led by Wells Fargo and Cisco.

The new count

• Disclosed objections rose to 33, from 26 in Monday's notice.
• 30 of the 62 companies OKXICE originally proposed have now opted out, about 48% of the starting roster, by CoinDesk's tally.
• Some objectors, such as Wells Fargo, Arm and Cerebras, were never on that original list.

Who said no this time

Alongside JPMorgan, Coca-Cola and Dell, the latest notice lists Applied Materials, Adobe and memory maker Sandisk. Earlier rounds included Microsoft, Alphabet and Goldman Sachs. JPMorgan's objection stands out because the bank is itself active on-chain, from its JPM Coin deposit token to work with tokenized funds.

How OKXICE would work

OKXICE announced its plan on Oct. 4. It wants to offer round-the-clock trading of stock tokens through Uniswap v4 liquidity pools on OKX's X Layer blockchain, with trades settled in stablecoins. It would operate under the SEC's five-year "Innovation Exemption", which lets qualifying venues trade tokenized stocks through automated market makers. Issuers have 30 days after being notified to object. Our explainer on tokenized stocks covers how such tokens differ from owning the shares.

Why issuers hesitate

Companies are still weighing how these markets would work and what they would gain, experts told CoinDesk. OKXICE co-chairman Andrew Cuomo has said many firms were expected to wait and see, calling the SEC's limited experiment "a sandbox — a model demonstration".

What to watch

The contrast with the incumbents is sharp: on the same day, DTCC switched on its own tokenization service with 20 big firms, JPMorgan among them, that keeps ownership records in the traditional system. Further OKXICE notices will show whether the opt-outs keep growing as more 30-day windows close.