⏱ 2 min read
The filing lists 60+ U.S. names, stablecoin pairs and DeFi rails, sets KYC and issuer objection rules, and gives no launch date.
OKXICE, the joint venture of crypto exchange OKX and Intercontinental Exchange, filed a notice to run round-the-clock tokenized stock trading under the SEC’s Innovation Exemption, Decrypt reported. The filing is dated October 4 and follows a post by OKXICE co-chair Andrew Cuomo on October 5. The venue would operate 24 hours a day, seven days a week, under the exemption that took effect on September 17.
The notice lists more than 60 U.S.-listed names, including Nvidia, Tesla, Apple, Microsoft and SpaceX, plus crypto-linked firms such as Coinbase, Circle, Robinhood, BitGo and Securitize. That lineup suggests a scope broader than the NYSE-focused approach an OKX spokesperson described in June, as several of the marquee stocks are Nasdaq-listed. Each tokenized stock would trade against USDC, USDG or Tether’s USDT.
How this venue would work
The SEC does not individually approve venues under the Innovation Exemption. A firm that meets the conditions can notify the agency and operate subject to those conditions, Decrypt reported. Trades on OKXICE would run through permissioned Uniswap v4 liquidity pools on XLayer, a layer‑2 blockchain, with a custom smart contract checking every transaction. Only wallets that hold a non‑transferable soulbound token—issued after identity, anti‑money laundering and sanctions checks run by OKX’s U.S. entity—can trade or supply liquidity.
The filing says tokens will be issued by an unaffiliated third party, “the Tokenizer,” which holds the underlying shares one‑for‑one through a registered broker‑dealer. Holders are entitled to dividends and voting rights equivalent to ordinary shareholders. The notice warns pool‑set token prices may diverge from the underlying shares, particularly outside regular exchange hours.
▼ 1.46%
Prices as of 2026-10-05 15:02 UTC. Source: CoinGecko.
Issuer objections and what can’t trade
The exemption allows third parties to tokenize a company’s shares without the issuer’s involvement, but venues must notify issuers and allow 30 days to object. If an issuer objects, the tokens cannot trade there. The filing says chipmaker Cerebras Systems has already lodged an objection; Cerebras does not appear on the venue’s list.
Cuomo called the filing “a landmark step toward a truly global, 24/7 Wall Street.” Chris Hayes of the Coalition for Tokenized Markets said the exemption “could put DeFi trading platforms and liquidity pools in much more direct competition with traditional exchanges,” according to Decrypt’s account of comments to Crypto in America. The SEC described the exemption as a temporary bridge toward rulemaking, and the notice gives no launch date.
This article was written with AI assistance and reviewed by an editor.
This content is for informational purposes only and does not constitute financial advice.
🧠 HafidWatch Take
Continuous trading of tokenized shares may create price discrepancies when the underlying stocks are not actively traded, especially during extended hours. Without clear mechanisms for arbitrage or redemption detailed in the filing, it remains uncertain how effectively these price gaps can be corrected. This uncertainty could affect the tokens’ reliability as accurate reflections of their underlying assets, potentially influencing investor confidence and market liquidity.
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