OKX-ICE Co-Chair: Enterprises Opposing Tokenized Stock Plan Is a 'Normal Reaction,' in Line with Expectations

BlockBeats news, October 21 - Andrew Cuomo, co-chairman of the OKX-ICE joint venture, stated that issuers opposing tokenized stock trading is a "normal reaction," and noted that companies taking a wait-and-see approach is in line with expectations. An increasing number of companies refusing to allow their stocks to participate in tokenized trading is a foreseeable situation in the process of testing new market structures. OKX-ICE joint venture co-chairman Andrew Cuomo made these remarks after Microsoft, Alphabet, and Goldman Sachs joined the opposition.

Cuomo, who also serves on the OKX board and is a former governor of New York, said Tuesday during a media conference call: "This is a very normal reaction. The model is designed to give companies the right to decide for themselves whether to participate; companies can choose to opt in or opt out." He added: "We have always anticipated that, because this is a highly impactful and disruptive change, many companies would choose to wait and see how things develop rather than become the first participants."

A public notice released on Monday showed that a total of 16 companies oppose the trading of tokenized versions of their stocks on the OKXICE platform. The platform is planned to be jointly launched by cryptocurrency trading platform OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. The seven newly disclosed opposing companies include Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's, and Western Digital. Previously, companies such as Broadcom, Verizon, and UnitedHealth Group had also raised objections.