Wells Fargo, Arm and Intuit Object to Tokenized Shares on OKXICE, Bringing Objections to 22

Six more companies, including WFC, ARM and INTU, will not allow their shares to be tokenized on OKXICE, the joint venture of crypto exchange OKX and Intercontinental Exchange (ICE), according to a regulatory document seen by Reuters. The document, which outlines the venue's rules and lists objecting issuers, puts the total number of companies that have objected at 22. Wells Fargo declined to comment, and Arm and Intuit did not immediately comment.

The objections are not filings by the three companies. OKX and ICE filed with the SEC earlier this month to launch tokenized stocks under the agency's new innovation exemption, which requires platforms to notify companies before listing their tokenized shares. Before listing a token of a company's stock that the company did not create, the venue must give written notice and wait at least 30 calendar days. A written objection in that window keeps the token from trading, and the venue then has five business days to disclose it in a revised public notice.

The count has been rising quickly. A notice dated October 19 showed 16 objectors, including Goldman Sachs, Microsoft, Qualcomm and Alphabet, and an October 15 notice listed Broadcom, Verizon and UnitedHealth. Reuters did not name the other three new objectors, and Unchained said it had not seen the Reuters document and could not find an updated notice on the venue's website, so the figure of 22 rests on Reuters' reporting. Neither report gives reasons for the objections.

OKX and ICE had planned tokens for 63 stocks, and no launch date has been announced. Investors may watch for the revised public notice, which would show which issuers remain and whether the venue can list any tokens at all.