16 giants join forces to flip the table: Microsoft, Google, and Goldman Sachs lead the charge in saying no. OKX-ICE’s grand plan for tokenized U.S. stocks hasn’t even launched, and it’s already been doused with cold water.
On October 19, OKXICE, the joint venture between OKX and NYSE parent company ICE, updated its public notice: the number of issuers opposed to their stocks being traded as tokens jumped from 9 last week to 16.
The seven new big names carry serious weight: Microsoft, Alphabet (Google’s parent company), and Goldman Sachs, along with Qualcomm, Caterpillar, McDonald’s, and Western Digital.
Last month, the SEC opened the door to an “innovation exemption”: compliant venues could use AMMs and liquidity pools to trade tokenized U.S. stocks 24/7, with settlement in stablecoins. The only condition was a 30-day objection period for issuers—they get veto power, and it’s their choice whether to participate.
OKXICE co-chair and former New York Governor Andrew Cuomo held a press conference on Tuesday: “This is a very natural reaction. We expected people to take a wait-and-see approach at first.”
If you ask me, that sounds like losing a chess game and saying, “I spotted you three pieces.”
The giants aren’t clueless about blockchain—they understand it all too well. Who wants their stock getting “educated” by stablecoins on-chain at three in the morning?
Do you think tokenized U.S. stocks are the future arriving, or does Wall Street simply have no interest in this approach?
(Source: CoinDesk, WSJ, October 20)
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