Broadcom · SEC · OKX · New York · CoinDesk
SEC tokenized stock framework confronts issuer pushback as Broadcom, Verizon object to OKX-ICE listing
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The SEC’s new framework for trading tokenized stocks is encountering resistance from some of the companies whose shares could trade, with Broadcom (AVGO), Verizon (VZ) and UnitedHealth (UNH) among the latest issuers to object.
Key facts
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
- Eight newly disclosed objections appeared in an October 15 public notice from OKXICE, the joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE)
- Alongside Broadcom, Verizon and UnitedHealth, the notice names AppLovin (APP), Applied Digital (APLD), Rocket Lab (RKLB), CoreWeave (CRWV) and Applied Optoelectronics (AAOI)
- OKXICE announced on October 5 that it had notified the U.S. Securities and Exchange Commission of plans to launch the venue, initially targeting shares of 63 U.S.-listed companies
Summary
Broadcom, Verizon and UnitedHealth are among nine companies objecting to having their shares traded on OKXICE’s planned tokenized-stock platform. The venue would use the SEC’s five-year Innovation Exemption to offer around-the-clock trading of blockchain-based shares backed one-for-one by underlying stock. Issuer resistance and uncertainty over the temporary regulatory framework could limit available stocks and discourage institutional investment in tokenized trading infrastructure. Eight newly disclosed objections appeared in an October 15 public notice from OKXICE, the joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE) preparing to offer tokenized stock trading.