Microsoft · ARM · SEC · CoinDesk
Wells Fargo, Cisco, Marvell among latest firms objecting to OKXICE's tokenized stock plan
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★ Tier-1 Source
Cisco (CSCO), Wells Fargo (WFC) and four other companies have opted out of plans by crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE) to offer blockchain-based trading of their shares, bringing the total objections to 22 as issuers weigh participation in the SEC’s new framework for tokenized stocks.
Key facts
- The additions extend a list that already included some of the world’s largest publicly traded companies, such as Microsoft MSFT $524.32
- Market Closed, Alphabet (GOOG, GOOGL), Goldman Sachs (GS)
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
- The companies, along with Arm Holdings (ARM), Moderna (MRNA), Intuit (INTU) and Marvell Technology (MRVL), were named in an updated public notice filed Friday by OKXICE, the two firms’ joint venture
- OKXICE, backed by one of the world's biggest exchange operators, issued its initial public notice on Oct
Summary
Cisco, Wells Fargo, Marvell, Arm, Intuit and Moderna opted out of OKXICE’s plans to offer blockchain-based trading of their tokenized shares, bringing the total number of objections to 22. The growing list highlights a hurdle for the joint venture of the crypto exchange and NYSE parent under the SEC’s new framework, which gives issuers 30 days to block their shares from trading on a tokenized securities venue. OKXICE co-chairman Andrew Cuomo said objections were expected, with many companies preferring to wait and see how the new market works before participating.