More than 30 Companies Challenge OKX–ICE Plan for Tokenized Shares

A proposed plan involving cryptocurrency exchange OKX and Intercontinental Exchange (ICE) to expand access to tokenized shares has drawn objections from more than 30 publicly traded companies, raising questions about shareholder rights and the regulation of digital securities.

The proposed OKX–ICE tokenized-shares initiative has drawn objections from publicly traded companies concerned about ownership rights and investor protections. [Photo: New York Stock Exchange Facebook]

The dispute reflects growing concerns among publicly traded companies about how their shares could be represented and traded through blockchain-based platforms.

Tokenized shares can take different forms.

Some represent interests in actual securities and may carry rights associated with conventional share ownership.

Others are synthetic products that track the price of a stock without necessarily providing the holder with ownership rights in the underlying company.

That distinction is central to the debate. Companies have raised concerns about the potential use of their names and share prices in digital-asset products, as well as the implications for investor protections, disclosure requirements and existing securities regulations.

The U.S. Securities and Exchange Commission issued an order in September 2026 providing temporary, conditional relief for certain distributed-ledger trading venues dealing with tokenized national market system stocks.

The relief does not amount to blanket approval for every tokenized-stock product or trading arrangement.

The objections highlight the challenges facing efforts to bring traditional securities into blockchain-based markets.

Regulators, exchanges and companies will need to address questions involving ownership, custody, disclosure and compliance before tokenized shares can gain broader acceptance.