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A growing number of companies are pushing back against tokenized trading of their shares. Microsoft and Alphabet are the latest to complain about the practice, joining 14 other public companies that have formally objected to a plan by OKXICE, a new platform co-chaired by former New York Gov. Andrew Cuomo, to trade blockchain-based versions of their shares.<\/p>\n
The two tech giants joined Goldman Sachs, Caterpillar, McDonald\u2019s, Qualcomm and Western Digital in a new batch of objections disclosed Monday. They joined nine companies\u2014Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon, Applied Optoelectronics, Broadcom and UnitedHealth Group\u2014whose objections were disclosed last week.<\/p>\n
Cuomo downplayed the wave of objections, framing the pushback as a predictable reaction to a major market shift.<\/p>\n
\u201cWe always anticipated that, because this is such a dramatic and revolutionary change, many companies would want to wait and see how it goes rather than be the first to participate,\u201d he said in a written statement to Fortune.<\/p>\n
OKX did not respond to questions about when trading would begin or whether the objections had changed its launch plans.<\/p>\n
The objections come two weeks after Cuomo announced plans to launch OKXICE\u2019s tokenized stock-trading platform. The venture, a partnership between crypto exchange OKX and ICE, the parent company of the New York Stock Exchange, would offer round-the-clock trading in blockchain-based versions of 63 U.S.-listed stocks.<\/p>\n
The venture is seeking to use a temporary exemption granted by the Securities and Exchange Commission last month that allows qualifying platforms to offer trading in tokenized stocks without registering as national securities exchanges, provided they meet certain conditions.<\/p>\n
The veto\u2019s limits<\/p>\n
Under these rules, trading platforms do not need a company\u2019s permission to offer tokenized versions of its shares. Instead, they must notify the company, which then has 30 days from receiving the notice to object before the platform can proceed.<\/p>\n
\u201cThere\u2019s not a proactive consent right. Rather, it is a reactive right to object,\u201d said Erin Martin, a partner and co-lead of fintech and digital assets at law firm Morgan Lewis, who spent over a decade as a senior lawyer at the SEC. \u201cIf they don\u2019t object within that 30-day notice period, the [venue] can go ahead and start to tokenize and list those securities.\u201d<\/p>\n
Applied Optoelectronics, a technology company that makes equipment for high-speed networks, said it objected because the framework is new and its potential effects on the pricing, liquidity and volatility of its stock remain uncertain.<\/p>\n
\u201cAt this stage, we don\u2019t see a clear benefit to AOI or our shareholders that justifies these uncertainties,\u201d a spokesperson told Fortune. The company also said investors could mistakenly believe it backed the offering, which it neither sponsored nor endorsed.<\/p>\n
The other 15 companies declined to comment or did not respond to requests for comment.<\/p>\n
But a company\u2019s objection only blocks trading on that platform under the SEC exemption. It does not stop other firms from offering tokenized versions of its shares overseas or through other legal arrangements.<\/p>\n
The 30-day deadline can also create practical problems. Under the SEC\u2019s rules, platforms must send notices to a company\u2019s main executive office, where they could get buried in other mail before reaching its legal team, Martin noted. An unanswered notice lets the platform proceed after the deadline. \u201cIt has not been contemplated in the existing SEC order,\u201d Martin said regarding whether a company can pull its stock after the 30-day window closes.<\/p>\n
A new era of stock trading?<\/p>\n
OKXICE\u2019s push to tokenize stocks aims to tap into a $35 billion market, offering investors round-the-clock trading without some of the delays associated with traditional stock markets.<\/p>\n
\u201cThe market never sleeps, so why should trading? Ownership shouldn\u2019t have office hours,\u201d Cuomo said when he first announced the venture.\u00a0<\/p>\n
But the benefits are less clear for the companies whose shares would be traded.\u00a0<\/p>\n
One concern is that the digital tokens could trade at different prices from the shares they represent on the NYSE or Nasdaq, especially when few people are buying and selling.<\/p>\n
Martin, the digital assets specialist at Morgan Lewis, notes that companies have an additional concern when it comes to 24\/7 trading. Namely, she points out that they would lose the pause they normally have to announce earnings or other important news while markets are closed, which allows investors time to digest the implications.<\/p>\n
Protecting investors also presents hurdles if the software handling trades fails or the firms holding the underlying shares run into trouble, according to risk disclosures detailed in OKXICE\u2019s public notice with the SEC.<\/p>\n
Meanwhile, Apple, Nvidia, and Amazon are among the remaining 47 companies that have not yet publicly objected to plans to trade tokenized versions of their shares on OKXICE. As of Wednesday, that received notices in early October could have until early November to respond, depending on when they received them.<\/p>\n
If all 60-plus companies in OKXICE\u2019s planned lineup object within the 30-day window, the platform would have no stocks left from that list to offer under the exemption. Ignoring those objections would mean losing the exemption, Martin said.\u00a0<\/p>\n
#Microsoft #Alphabet #object #blockchain #versions #sharesbut #veto<\/p>\n","protected":false},"excerpt":{"rendered":"
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