OKXICE, the joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange, has notified the SEC it plans to launch a venue for onchain trading of U.S. tokenized stocks. The platform would cover more than 60 listed companies, including Nvidia, Apple, and Coinbase, under a new five-year regulatory exemption.
OKXICE has filed a notice with the Securities and Exchange Commission that it intends to launch a permissioned, onchain trading venue for U.S. tokenized stocks on X Layer. The joint venture, owned 50% each by OKX and ICE, filed the notice Sunday under the SEC's new innovation exemption for tokenized securities.
More Than 60 Stocks, Issuers Get 30 Days to Object
The venue plans to cover more than 60 U.S.-listed companies, including Nvidia, Apple, Microsoft, Amazon, Tesla, JPMorgan Chase, Coinbase, Robinhood, Circle, and SpaceX. Issuers that have not partnered with OKXICE get 30 days to object before their shares are tokenized, and an objection blocks the unaffiliated token from being offered.
Unlike synthetic stock tokens sold outside the U.S., the SEC framework requires tokenized securities to preserve dividend entitlements, voting rights, and residual claims attached to the underlying shares. The regulator specifically excludes instruments that merely track a stock's value.
Trading Runs Through Onchain Liquidity Pools
OKXICE will not operate an order book or hold client assets. Instead, participants trade from their own wallets against Uniswap v4 liquidity pools on the XLayer blockchain, pairing each stock with the USDC, USDG, or USDT stablecoins. OKX's U.S. arm runs identity and anti-money-laundering checks, and approved wallets receive a non-transferable token that the pools verify before each trade.
Prices come only from the ratio of assets inside each pool, with no outside market data feeding the smart contracts. Regulators cap trading of the most liquid stocks at 0.25% of each stock's average daily volume in the prior month, and a venue may list at most 75 symbols.
The SEC issued the five-year exemption last month. It lets qualifying venues trade tokenized versions of U.S.-listed stocks without registering as exchanges. Andrew Cuomo, OKXICE's cochair and a former New York governor, called the filing, according to The Block: "a landmark step toward a truly global, 24/7 Wall Street".
OKXICE is not registered with the SEC for this activity and sits outside Regulation NMS and the fair-access rules that bind exchanges. The company has not published fees or set a launch date.
Sources: The Block, Finance Magnates, Crypto News Flash
Trading involves risk.
Risk Disclaimer
