Grows to 56 companies: Amazon, Tesla, and SpaceX oppose joining ICE's tokenized stock trading platform

Odaily reports: Amazon, Tesla, and SpaceX have joined the ranks of companies opposing the tokenized stock trading platform launched through a partnership between Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, and OKX. According to a public notice updated on November 2, Netflix, SoFi Technologies, and Lam Research have also newly filed objections, bringing the total number of companies with publicly disclosed opposition to 56, an increase of 6 from last Friday.

The platform plans to allow investors to trade tokenized versions of U.S. stocks around the clock on a blockchain-based trading venue using stablecoins, and intends to operate under the U.S. Securities and Exchange Commission's (SEC) five-year "innovation exemption" mechanism, which allows eligible trading venues to use automated market maker (AMM) mechanisms to match trades.

Statistics show that among the 62 companies initially selected by OKX and ICE, 49 (about 79%) have raised objections, while another 7 companies not among the initial selections have also filed objections. Under SEC rules, companies may object within 30 days after receiving written notice from the trading venue. For issuers that received notice on October 4, the deadline may expire on November 3, though the exact deadline depends on when each company actually received the notice.

Andrew Cuomo, co-chair of OKX and ICE and former governor of New York, previously said that many companies want to observe how the market actually operates before deciding whether to participate. He believes that as companies gradually understand the advantages of tokenization, more companies will join in the future. (CoinDesk)