OKX and ICE file with SEC for tokenized-stock venue covering 63 NYSE names
Regulation & Gov ·
A joint venture between OKX and NYSE parent Intercontinental Exchange has asked US regulators to greenlight a platform for trading blockchain-based versions of 63 NYSE-listed company shares.
The entity, OKXICE LLC, submitted its filing to the Securities and Exchange Commission on Sunday, positioning itself among the earliest major crypto venues to act on a newly opened regulatory path for tokenized securities, according to uk.finance.yahoo.com. Under the framework the SEC established, companies whose shares would be tokenized get a 30-day window to opt out before any trading can start.
The venture traces back to March, when Intercontinental Exchange took a stake in OKX as part of a deal that valued the exchange at $25 billion, with the two firms also agreeing to collaborate on crypto futures regulated in the US. OKXICE combines OKX's blockchain systems with ICE's exchange technology, and is co-chaired by former New York governor Andrew Cuomo, who described blockchain-based trading as a more efficient mechanism than existing market structure, pointing to round-the-clock, global access as a core advantage, per wublockchain.xyz.
The filing follows the SEC's move last month to establish a temporary exemption permitting blockchain-based securities to trade on US crypto platforms, a shift that has intensified competition between crypto exchanges and traditional market operators. That exemption had been delayed from an initial planned rollout in May while talks continued over the Clarity Act; it surfaced instead shortly after the Senate failed to advance that bill, according to bloomberg.com.
Multiple approaches are expected to emerge as other crypto firms pursue similar tokenization efforts, with some working directly alongside listed companies and others relying on third-party-created tokens without issuer involvement. The SEC's broader push to accommodate crypto trading has continued even as legislative efforts around market-structure rules remain stalled.
Not yet clear is how many of the 63 companies will choose to opt out within the 30-day period, when OKXICE might begin live trading, or how its model will compare with rival tokenization efforts once they reach the market.