Wells Fargo, Arm, and Intuit Reportedly Object to OKX-ICE Tokenized Stock Listings

Six additional companies, reportedly including Wells Fargo, Arm Holdings, and Intuit, have filed objections against having their US equities listed in tokenized form on the proposed OKXICE platform, according to a Friday report from Reuters. The latest opt-outs bring the total number of objecting companies to 22 out of the 62 issuers originally proposed when the joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange filed with the SEC earlier this month under the agency's innovation exemption.

These companies join Microsoft and Google parent Alphabet, which also objected to tokenized listings over the past week. Spokespeople for Wells Fargo and Arm Holdings declined to comment, while Intuit did not immediately respond to a request for comment. Of the 22 companies objecting so far, 16 are listed on Nasdaq and only six trade on the NYSE. In September, Nasdaq issued guidance urging issuers to be cautious about participating in the SEC's tokenized stock exemption. "Consequences for liquidity, price discovery, and long-term shareholder value may not become apparent until well after the experiment is underway." — Nasdaq guidance OKXICE co-chair and former New York Governor Andrew Cuomo told Cointelegraph on Tuesday that the venture anticipated additional objections as companies seek to avoid being the first to test the tokenized equity model.