SpaceX and Tesla Join Pushback Against OKXICE Stock Plan

Tech giants SpaceX, Tesla, and Amazon have officially joined a growing list of major corporations opposing a new tokenized stock plan from OKXICE.

A total of 56 companies have now filed formal objections to having their shares offered as digital tokens on the platform.

What Is the OKXICE Tokenized Stock Project?

Imagine being able to trade stock in top public companies on a Sunday night at midnight. That is the main vision behind OKXICE.

OKXICE is a joint effort between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.

Their proposed platform aims to let investors buy and sell blockchain-based tokens representing U.S. stocks around the clock, even outside standard market hours.

The venture operates under temporary regulatory relief introduced by the Securities and Exchange Commission (SEC) in September. This framework allows tokenized stock platforms to test offerings while letting public companies formally object.

Big Names Join the Resistance

A public notice released on November 2 revealed six new major objectors to the OKXICE initiative.

These latest additions include several high-profile tech and finance leaders:

• Amazon: The retail and cloud services titan.
• Tesla: Elon Musk's electric vehicle pioneer.
• SpaceX: Musk's private space exploration firm.
• Netflix: The dominant media streaming service.
• SoFi Technologies: A digital financial platform active in crypto.
• Lam Research: A top semiconductor equipment provider.

By the Numbers: 79% of Original Targets Say No

OKXICE initially planned to offer tokenized shares for 62 targeted firms, spanning 63 total stock symbols. Google parent company Alphabet accounted for two listings due to its GOOG and GOOGL share classes.

The latest filings show that corporate opposition has expanded significantly across the market:

• 49 out of 62 original target companies have now objected. That represents roughly 79% of the initial group.
• Only 13 target companies from the original list have not registered public objections.
• 7 extra companies outside the original target list have also filed formal objections.

Why Are Unlisted Companies Speaking Up?

Interestingly, corporate resistance is not limited to the businesses OKXICE originally targeted for its launch.

Seven firms outside the original 62-company lineup have gone out of their way to file formal objections:

• Arm Holdings: Major chip architectural designer.
• Cerebras Systems: AI hardware manufacturer.
• Wells Fargo: Major U.S. banking institution.
• Arcos Dorados: The primary McDonald's franchisee in Latin America.
• Cigna Group: Leading health insurance provider.
• IREN: Publicly traded BitcoinBTC+0.84% mining enterprise.
• Palo Alto Networks: Cybersecurity leader.

These additional filings show that caution around tokenizing public equities stretches far across corporate America.

A Growing Wall of Corporate Pushback

Before the latest six notices arrived, 50 companies had already voiced opposition to the platform.

Previous public notices included pushback from household names across multiple industries:

• Tech Leaders: Microsoft, Nvidia, Intel, IBM, Oracle, Reddit, CrowdStrike.
• Financial Giants: JPMorgan Chase, Goldman Sachs.
• Retail and Consumer: Walmart, Costco, Nike, Coca-Cola, McDonald's.
• Healthcare: Eli Lilly.

Public notices do not detail why individual firms object. Opposing a specific platform proposal does not necessarily mean a company opposes blockchain assets entirely.

Leadership Response: Andrew Cuomo Weighs In

Former New York Governor Andrew Cuomo serves as an OKX board member and co-chair of OKXICE. He addressed the wave of corporate resistance at an October 20 press conference.

Cuomo described tokenized equity trading as an evolving market trend. He noted that businesses will adopt new financial tech at different speeds.

Tokenized equity trading is an emerging market development. Companies will adopt the technology at different speeds as its benefits become more apparent.

Cuomo also questioned why stock markets continue to close on weekends and evenings when global finance runs 24 hours a day.

What Happens Next?

Time is running short for companies to register their official stance under the current SEC notice window.

Companies were given 30 days to lodge objections following the initial public notice published on October 4.

With nearly four-fifths of targeted firms turning down the initial proposal, OKXICE may need to rethink its launch catalog or adjust its approach to win corporate backing.

Past performance of digital assets or corporate securities is not a guarantee of future performance or operational results.