Wells Fargo, Arm, and Intuit object to OKX-ICE tokenized stock listings

Six more major companies, including Wells Fargo, Arm Holdings, and Intuit, have reportedly objected to having their stocks listed on the proposed OKX-ICE tokenized stock platform, bringing the total number of objecting firms to 22.

According to a Reuters report, the objections were filed as part of the joint venture’s proposal under the U.S. Securities and Exchange Commission’s innovation exemption. The platform, a collaboration between crypto exchange OKX and the Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, initially proposed tokenizing stocks from 62 companies.

Notably, 16 of the objecting companies are listed on Nasdaq, while six are on the NYSE. Nasdaq issued guidance in September warning companies to be “cautious” about participating in such tokenization experiments, citing potential long-term consequences for liquidity and shareholder value.

OKXICE co-chair Andrew Cuomo stated that the venture expected more objections as companies are hesitant to be first movers in testing the new stock model. Spokespeople for Wells Fargo and Arm Holdings declined to comment on their decisions.