OKX files application with U.S. SEC to launch tokenized U.S. stock trading platform

According to Bloomberg, OKX has filed documents with the U.S. Securities and Exchange Commission (SEC) to launch a tokenized U.S. stock trading platform, becoming one of the first large crypto trading platforms to leverage new U.S. regulations for such operations. Its operating entity, OKXICE LLC, plans to initially offer tokenized stocks of 63 New York Stock Exchange (NYSE)-listed companies, with relevant issuers able to opt out within 30 days before trading commences. OKXICE is a joint venture between OKX and Intercontinental Exchange (ICE), parent company of the NYSE, combining OKX’s blockchain infrastructure with ICE’s market technology. ICE took an equity stake in OKX this March, valuing the crypto exchange at $25 billion at the time of the deal, and the two parties also agreed to collaborate on developing U.S.-regulated crypto futures services. The SEC previously granted temporary exemptions allowing blockchain-based versions of securities to trade in the U.S. Under relevant rules, tokenized securities must include full shareholder rights such as dividend and voting rights. OKXICE’s launch timeline still depends on the conclusion of the 30-day opt-out period and the fulfillment of other requirements. Andrew Cuomo, co-chair of OKXICE, stated that the model will enable 24-hour global stock trading.