OKXICE's tokenized stock trading platform pushing ahead despite opposition - report
OKXICE's tokenized stock trading platform is pushing ahead despite opposition, with plans to launch on November 23 as scheduled, a report by Bloomberg News noted.The platform will have over 70 digital assets tied to stocks and exchange traded funds listed, though all won't be available at the start, according to the report.In September, the Securities and Exchange Commission some progress in the trading of tokenized stocks after the Clarity Act failed to advance in the Senate. The regulator granted temporary, conditional exemptive relief to tokenized securities venues to trade tokenized national market system stocks.OKXICE, the joint venture between OKX and Intercontinental Exchange , was among the first to apply with the SEC to launch a stock-token platform, known as a Tokenized Securities Venue, the Wednesday report noted.However, the nascent market has reportedly been facing early hurdles. Of the 62 companies originally targeted by OKXICE, 56 objected. Only six with ties to the crypto industry were left without disclosed objections, including Coinbase Global , Strategy , and Robinhood Markets .The platform's ambitions to include blue chips such as McDonald's , Coca-Cola , and JPMorgan Chase were thwarted after the companies objected to having their shares traded on the venue, according to the media giant.Andrew Cuomo, co-chair of OKXICE, told Bloomberg the launch is part of an evolution in markets that will shift toward 24/7 trading that investors will need to follow.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.