SpaceX has objected to plans to list tokenized versions of its shares on OKX-ICE, a venture between crypto exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange. The objection was disclosed in a public notice on Nov. 2 and adds SpaceX to a group of 56 companies opposing proposed listings, including Tesla and Amazon.
The proposed venue operates under a five-year Innovation Exemption introduced by the US Securities and Exchange Commission in September. The framework allows platforms to offer trading in tokenized US stocks without registering as national securities exchanges, while giving companies 30 days to object to third-party tokens representing their shares. An objection keeps those tokens off the venue.
Tokenized stocks are blockchain-based representations of company shares that let investors gain exposure to equities onchain. They may be backed by actual shares, but tokenholders’ rights can differ from those of traditional shareholders.
SpaceX’s objection comes after tokens linked to its shares attracted substantial trading activity on platforms outside the United States. Backpack Securities and Kraken’s xStocks offering prepared tokens designed to be backed by actual shares. In June, Backpack’s SPCX token recorded $1.08 billion in onchain trading volume, while Kraken’s SPCXx reached $852 million.
Unlike those offshore offerings, OKX-ICE’s proposal would make tokenized stock trading available to US investors under the SEC framework. In September, Nasdaq cautioned issuers about participating, saying the model could fragment liquidity and weaken long-term shareholder value.
OKX-ICE co-chair Andrew Cuomo said on Oct. 20 that he expected more companies to object rather than be the first to test the model. At an Oct. 30 press conference, however, he said he expected more companies to participate as they saw the benefits of tokenization.
Sources: Cointelegraph.