CoreWeave (NASDAQ: CRWV) and Broadcom (NASDAQ: AVGO) have told OKXICE they do not want tokenized versions of their shares traded on the venue, according to reports from The Information and Cryptopolitan. OKXICE is a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE). The pushback raises questions about issuer consent and oversight in the growing tokenized stock market.
The dispute centers on the SEC’s “Innovation Exemption,” which took effect on September 17 and allows permissioned on-chain platforms, called Tokenized Securities Venues, to avoid certain exchange and dealer registration requirements for five years, until September 17, 2031. Under the process, a venue must give the issuing company notice before listing third-party tokenized shares; if the company does not object within 30 days, the venue may proceed. CoreWeave and Broadcom have reportedly objected within this window, and AI chipmaker Cerebras Systems has also kept its tokens off OKXICE.
On October 4, OKXICE filed a notice seeking to list tokens tied to more than 60 U.S.-listed companies, including Nvidia, Tesla, Apple, Microsoft and SpaceX, alongside crypto-related firms such as Coinbase, Circle, Strategy, Robinhood, BitGo and Securitize. Each tokenized stock would trade against USDC, USDG or Tether’s USDT, with the venue intended to operate 24/7. The filing reportedly does not name the firm minting the tokens.
Law firm Davis Polk says a company can only object to a venue that sends it a notice; objections do not stop tokenization elsewhere, and the SEC order has no effect on overseas trading. As of September 13, roughly $2.43 billion of tokenized stock—about 84.5% of the segment—had been issued without company permission, while only about $365 million was issued with consent. Computershare and Hunton Andrews Kurth have separately asked the SEC for changes, including standing objections and a public register of objected tokens.
