Wells Fargo, Arm, and 22 other companies oppose the trading of their tokenized stocks on the OKXICE platform.

BlockBeats news, October 24 — According to a regulatory filing seen by Reuters, six additional companies, including Wells Fargo, Arm Holdings, and Intuit, will not allow their shares to be tokenized on a joint trading platform backed by cryptocurrency exchange OKX and Intercontinental Exchange (ICE).

These previously unreported objections highlight the growing challenges facing stock tokenization, which refers to converting equity representing company shares into digital tokens that can be traded on a blockchain like cryptocurrencies. Although U.S. securities regulators have recently approved such innovative products, resistance from the companies involved is still creating headwinds for their development.

The filing shows that a total of 22 companies have raised objections. The document outlines the rules for the OKX-ICE partnership project and lists the companies that objected, but does not specify the reasons for their objections.