Walmart, Eli Lilly and Cigna File Objections to ICE and OKX’s Tokenized Stock Venue

Walmart, Eli Lilly, Cigna, Carnival and Arcos Dorados have joined the companies objecting to tokenized trading of their shares on OKXICE TSV, the venue that Intercontinental Exchange and OKX own together.

A public notice from the venue dated Oct. 28 lists 38 issuers under its “Notice of Issuer Objection” heading. The five companies above are the only names on it that did not appear in the Oct. 27 version, which counted 33 objectors, including JPMorgan, AMD and Coca-Cola.

As in earlier versions, the notice does not explain why any company objected. It also gives no date for when trading will start.

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Under the SEC exemption that allows onchain trading of tokenized stocks, a company that files a timely written objection keeps a third-party token of its stock off the venue, and the venue has to disclose the objection in an updated notice.

The Oct. 8 notice already listed four objectors, and every update since has added names. The count reached nine on Oct. 15, 16 on Oct. 19, 22 on Oct. 23 and 26 on Oct. 26 before hitting 33 on Oct. 27. Earlier objectors include Microsoft, Alphabet, Goldman Sachs, Broadcom and UnitedHealth.

OKXICE LLC, the Texas company behind the venue, is split 50/50 between ICE and OKC USA Holding Inc., an OKX affiliate. Trades would run through permissioned Uniswap v4 pools on X Layer, the Ethereum layer-2 network OKX launched, with access limited to wallets holding a soulbound token the venue issues. The notice says it will operate 24 hours a day, seven days a week.

The risk section is unchanged on governance. Upgrades to the venue’s smart contracts need sign-off from several authorized staff. Even so, changes “take effect without a timelock, so TSV Participants may receive no advance notice of an upgrade,” the notice says.

ICE and OKX formed the joint venture to bring tokenized equities to market, with former New York Gov. Andrew Cuomo as co-chair.

Related Listen: Robinhood Tokenized AMC Stock Without Asking. It’s Not Illegal, but Should It Be?

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