Oct 24, 2026, 10:06 a.m. EDT
2 min read
Summary
- Cisco, Wells Fargo, Marvell, Arm, Intuit and Moderna opted out of OKXICE’s plans to offer blockchain-based trading of their tokenized shares, bringing the total number of objections to 22.
- The growing list highlights a hurdle for the joint venture of the crypto exchange and NYSE parent under the SEC’s new framework, which gives issuers 30 days to block their shares from trading on a tokenized securities venue.
- OKXICE co-chairman Andrew Cuomo said objections were expected, with many companies preferring to wait and see how the new market works before participating.
Cisco (CSCO), Wells Fargo (WFC) and four additional corporations have declined proposals from cryptocurrency exchange OKX and New York Stock Exchange owner Intercontinental Exchange (ICE) to enable decentralized ledger trading for their equities, elevating total rejections to 22 as corporations evaluate involvement in the Securities and Exchange Commission’s fresh regulatory framework for tokenized equities.
These firms, alongside Arm Holdings (ARM), Moderna (MRNA), Intuit (INTU) and Marvell Technology (MRVL), appeared within a revised public notice published on Friday by the partnership entity OKXICE.
These recent additions expand an existing roster that already encompasses several of the planet’s largest publicly traded enterprises, including Microsoft, Alphabet (GOOG, GOOGL), Goldman Sachs (GS) and McDonald’s, which rejected the platform’s proposal over recent weeks.
This mounting volume of pushback points to a significant obstacle for an emerging market design intended to permit American investors to exchange equities on blockchains around the clock. The SEC’s five-year Innovation Exemption permits eligible tokenized securities venues, or TSVs, to trial transactions via automated market makers—software that processes trades utilizing asset pools—while granting issuers the authority to opt out of having their equities included.
OKXICE, supported by one of the planet’s premier exchange operators, published its initial public notice on October 4, detailing strategies to leverage Uniswap (UNI) liquidity pools across OKX’s XLayer blockchain, with settlements executed via stablecoins. Market platforms are required to notify issuers and grant them a 30-day window to object prior to introducing tokenized iterations of their equities.
The partnership’s initially proposed asset roster featured 62 companies. Wells Fargo and ARM were absent from that list, whereas Cisco, Moderna, Intuit and Marvell were originally incorporated.
Consequently, the 22 rejections cannot all be classified strictly as withdrawals from the initial compilation. Cerebras Systems, whose refusal was revealed previously, was likewise outside that specific lineup. A formal objection halts trading on the informing platform but does not demonstrate opposition toward every methodology of stock tokenization.
Companies take a wait-and-see approach
Andrew Cuomo, OKXICE’s co-chair and former New York governor, remarked earlier in the week that such reactions were entirely anticipated.
“We 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,” Cuomo explained during a Monday media conference call.
Restrictions regarding participating corporations and trading volumes render the regulatory structure “a sandbox — a model demonstration,” he noted.
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Originally published at https://www.coindesk.com/business/2026/10/24/wells-fargo-cisco-marvell-among-latest-firms-objecting-to-okxice-s-tokenized-stock-plan.
