OKXICE notice lists 38 issuer objections to tokenised trading in their shares, adding Eli Lilly, Walmart and Cigna

OKXICE TSV, the tokenised-stock venue owned jointly by Intercontinental Exchange Holdings (ICE) and OKC USA Holding, says it has received objections from 38 issuers to their shares trading on it in tokenised form. The count comes from the venue’s 28 October public notice. Its 27 October notice listed 33. This updates our earlier report, which counted 22 objectors in the 23 October notice. The notices list the issuers but do not give their reasons.

This article reports the contents of public notices and filings. It is not investment advice or an offer or solicitation to buy or sell any security.

The 38 objectors

The 28 October notice lists the following issuers as having sent a Notice of Issuer Objection, in this order:

Cerebras Systems (CBRS), AppLovin (APP), Applied Digital (APLD), Rocket Lab (RKLB), CoreWeave (CRWV), Verizon Communications (VZ), Applied Optoelectronics (AAOI), Broadcom (AVGO), UnitedHealth Group (UNH), Goldman Sachs Group (GS), Microsoft (MSFT), Qualcomm (QCOM), Caterpillar (CAT), McDonald’s (MCD), Western Digital (WDC), Alphabet (GOOG/GOOGL), Arm Holdings (ARM), Wells Fargo (WFC), Moderna (MRNA), Cisco Systems (CSCO), Intuit (INTU), Marvell Technology (MRVL), International Business Machines (IBM), IonQ (IONQ), Oracle (ORCL), Intel (INTC), JPMorgan Chase (JPM), Advanced Micro Devices (AMD), Applied Materials (AMAT), Coca-Cola (KO), Adobe (ADBE), Dell Technologies (DELL), Sandisk (SNDK), Eli Lilly (LLY), Carnival (CCL), Arcos Dorados (ARCO), Walmart (WMT) and Cigna Group (CI).

How the list has grown

The venue’s notice page lists eight versions. Each carries a cumulative list, and none has removed a name:

Notice	Objectors	Added
4 Oct	1	Cerebras
8 Oct	4	AppLovin, Applied Digital, Rocket Lab
15 Oct	9	CoreWeave, Verizon, Applied Optoelectronics, Broadcom, UnitedHealth
19 Oct	16	Goldman Sachs, Microsoft, Qualcomm, Caterpillar, McDonald’s, Western Digital, Alphabet
23 Oct	22	Arm, Wells Fargo, Moderna, Cisco, Intuit, Marvell
26 Oct	26	IBM, IonQ, Oracle, Intel
27 Oct	33	JPMorgan Chase, AMD, Applied Materials, Coca-Cola, Adobe, Dell, Sandisk
28 Oct	38	Eli Lilly, Carnival, Arcos Dorados, Walmart, Cigna

Comparing the texts, the 26 October notice changed only the objection list. The 27 October notice also revised the service-provider table. The table no longer lists Alibaba Cloud (Singapore), which the 26 October version named as host of the venue’s website, back-end systems and databases in the United States, and now names Amazon Web Services as the cloud services provider for them. It also updated the names of two compliance vendors and added OKX Inc., a venue affiliate, as developer of the venue’s software. The notice’s business-continuity section was not changed and still says those off-chain systems are hosted by Alibaba Cloud (Singapore) in the United States.

That remains the case in the 28 October notice, whose service-provider table is unchanged from 27 October. Besides the five new objectors, the 28 October notice adds a description of “price-conditional trades”: a participant can pre-sign a trade that is submitted to the blockchain only when the indicative price reaches a level the participant sets, with the venue’s off-chain systems monitoring that trigger price. The notice says “execution is not guaranteed” and that such transactions are not displayed to other participants before they are submitted.

How an objection works

The mechanism is set out in the SEC’s Innovation Exemption order (Release No. 34-106402, 17 September). Before making available a tokenised NMS stock “tokenized by a third party unaffiliated with the issuer”, a venue must send the issuer an “Issuer Notice”. Trading “may not commence until at least 30 calendar days from the date when the issuer receives the Issuer Notice”. If the issuer objects in writing “on or prior to the 30th calendar day”, the venue “cannot make such Tokenized NMS Stock available for trading”. The venue must then amend its public notice within five business days.

The order cites shareholder-register risk from on-chain transfers as one possible concern for issuers. Another is price dislocation, “particularly given that prices disseminated by an AMM Liquidity Pool are most likely based only on the ratio of the quantities of assets in that liquidity pool”.

Another 30-day rule applies to the venue itself. The SEC’s Innovation Exemption page says a venue must publish its notice “at least 30 calendar days before operating”. It must also tell the SEC within one business day. The SEC’s list of filers shows three venues:

• TSV LLC, 23 September (our coverage)
• OKXICE TSV, 4 October
• Kephas Corporation d/b/a Perpetuals.com, 14 October

The SEC says inclusion on the list does not mean a person meets the order’s conditions. OKXICE’s earliest notice is dated 4 October. By our count, 30 calendar days from that date is Tuesday 3 November, the earliest date the venue could begin operating under that rule. Each stock tokenised by a third party is also subject to its own 30-day clock from the date the issuer receives the Issuer Notice, and the notices do not give those dates. No OKXICE notice gives a start date.

What the venue says it will do

According to the 28 October notice, OKXICE TSV is operated by OKXICE LLC, a Texas company owned 50% by ICE and 50% by OKC USA Holding. It will run permissioned Uniswap v4 pools on XLayer, pairing tokenised stocks with payment stablecoins. Only wallets holding a soulbound token issued by the venue can trade. It “will operate 24 hours per day, seven days per week”.

The tokens are issued by a third-party “Tokenizer”, which holds the underlying shares one-for-one through a broker-dealer. The notice describes the exemption’s caps: 75 symbols and 0.25% of prior-month average daily volume for LULD Tier 1 stocks, and 250 symbols and 2.5% for Tier 2.

Why it matters

For market practitioners, the objection list in effect defines which third-party tokenised names a venue may not trade. Under the order, an issuer objects to the venue that sent it the Issuer Notice, so each venue’s list may differ. Liquidity providers sizing AMM pools, and firms weighing routing to the venue, would have to track each venue’s notices. Those notices can trail a new objection by up to five business days.

The notice itself warns that pool prices are set “not by reference to the market for the underlying NMS stock” and may differ from it, “particularly outside the regular trading hours” of the primary listing exchange. That is the dislocation risk the order gives as one example of why an issuer might object. Neither the order nor the notices attribute any reason to a particular issuer. For the names that remain eligible, the volume caps limit how much can trade on the venue.

What we are watching

• Whether further OKXICE notices add more objectors, and whether any objections appear in TSV LLC’s or Perpetuals.com’s notices.
• Any OKXICE notice that it has begun making tokenised stocks available, which must be published within five business days.
• Which stocks the venue makes available initially, and under which LULD tier.

Updated 29 October 2026: this article was updated to reflect OKXICE TSV’s notice of 28 October, which lists 38 issuers, up from 33. The new objectors are Eli Lilly, Carnival, Arcos Dorados, Walmart and Cigna Group. The 28 October notice also adds a description of price-conditional trades.