CoreWeave and Broadcom say no to OKXICE as AI trade stocks reject 24/7 expansion
- CoreWeave, Broadcom and Cerebras Systems have each objected to OKXICE trading tokenized versions of their shares.
- The venue is using a new SEC rule that otherwise treats 30 days of silence as consent.
- OKXICE is co-owned by the NYSE’s parent, while two of the three objectors list on Nasdaq.
CoreWeave (NASDAQ: CRWV) and Broadcom (NASDAQ: AVGO) have told OKXICE that they do not want tokenized versions of their stock to be traded on its new venue.
The venue is operating under the SEC’s exemption rule that lets it treat 30 days of silence from companies as a yes to having their stock tokenized.
Will tokenized versions of Broadcom and CoreWeave be sold on OKXICE?
Both CoreWeave and Broadcom have refused to have tokenized versions of their stock trading on OKXICE’s new venue. The AI chipmaker Cerebras Systems (NASDAQ: CBRS) has also kept its tokens off OKXICE. Stock tokens already circulating on other platforms are untouched.
The new venue operates under the SEC’s “Innovation Exemption,” an order the agency issued and put into effect on September 17. It says that permissioned onchain trading platforms, which the SEC calls Tokenized Securities Venues, don’t count as “exchanges,” and that the firms providing liquidity don’t have to register as “dealers.”
Davis Polk, which advised a client on the matter, says the relief lasts five years, until September 17, 2031.
Before a venue can list a token made by a third party, it has to give the company a heads-up. The company then has a month to say no, or the venue will start trading. Companies usually have no say over whether a national exchange trades their shares, so the right to object is new.
OKXICE filed a notice on October 4 saying it wants to list tokens tied to more than 60 U.S.-listed companies, including Nvidia (NASDAQ: NVDA), Tesla (NASDAQ: TSLA), Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT) and SpaceX, as well as crypto-tied firms such as Coinbase (NASDAQ: COIN), Circle (NYSE: CRCL), Strategy (NASDAQ: MSTR), Robinhood (NASDAQ: HOOD), BitGo (NYSE: BTGO) and Securitize.
Each tokenized stock would trade against either USDC, USDG or Tether’s USDT.
The venue intends to trade 24/7. Notably, its filing does not name the firm minting the tokens.
Can CoreWeave and Broadcom object to having their tokens traded?
Davis Polk says a company can only object to a venue that sends it a notice. Their objection doesn’t stop anyone from tokenizing the company’s stock elsewhere, and the SEC order has no effect on trading overseas.
As of September 13, about $2.43 billion worth of tokenized stock, roughly 84.5% of the whole segment, had been issued without the company’s permission. Meanwhile, tokens issued with consent made up only about $365 million and had hardly grown in a year.
Cryptopolitan reported that the broker Robinhood lists more than 190 stock tokens, which are digital products that track the prices of publicly traded companies. AMC, the company behind one of those stocks, sent Robinhood a cease-and-desist demand over a token tied to AMC shares, and Robinhood refused.
In an October 2 comment letter, Computershare asked the SEC to let companies file a standing objection, so they wouldn’t have to respond to each venue’s notice separately. It also asked for a central, searchable register that would list which venues are seeking to list tokens and which companies have objected.
Hunton Andrews Kurth, a law firm, echoed the sentiments in an October 8 letter that crypto emails often get caught in spam filters, which can lead to the notice being missed. Its clients want the process changed so that a company has to give clear consent that they want their stock tokenized. They want the deadline removed, and they also want a public database saying what tokens are not to be tokenized.
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FAQs
What is the SEC's Innovation Exemption?
It is a temporary order issued September 17, 2026, that lets permissioned onchain venues trade tokenized versions of US-listed stocks without registering as exchanges, and lets their liquidity providers skip dealer registration. Davis Polk says it runs five years, to September 17, 2031.
Can a company stop its stock from being tokenized?
Not broadly. According to Davis Polk, a company's objection only blocks trading on the specific venue that notified it, and the order does not affect offshore trading or tokenization elsewhere.
Which companies have objected to OKXICE?
CoreWeave and Broadcom, according to The Information, and AI chipmaker Cerebras Systems, which filed earlier.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Hannah Collymore
Hannah is a writer and editor with nearly a decade of blog writing and event reporting experience in the crypto space. At Cryptopolitan, Hannah contributes to the news page, reporting and analyzing the latest developments in DeFi, RWA, crypto regulation, AI and frontier tech industries. She graduated from Arcadia university with a degree in Business Administration.
