Wells Fargo, Arm, Intuit object to tokenized shares on OKXICE platform

Key facts

• Six companies, including Wells Fargo, Arm Holdings and Intuit, have objected to their shares being tokenized on the OKXICE platform.
• A total of 22 companies have now objected to their shares being tokenized.
• The OKXICE venture plans to tokenize 63 stocks.

Six more companies, including Wells Fargo, Arm Holdings and Intuit, have objected to their shares being tokenized on a joint trading platform backed by crypto exchange OKX and Intercontinental Exchange. These objections highlight challenges for stock tokenization despite recent approvals from the US securities regulator. The OKXICE venture had planned to tokenize 63 stocks but has encountered objections from issuers. Under the SEC's innovation exemption, platforms must notify companies before listing tokenized versions of their stocks and cannot proceed if the issuer objects. The total number of companies objecting has reached 22.