Who refused last?
Four new names. In the updated public notice from Monday, October 26, Intel, Oracle, IBM and quantum computer manufacturer IonQ appeared.
Before them, the following had refused to tokenize their shares:
- Microsoft, Alphabet - the largest technology issuers on the list
- Goldman Sachs, Wells Fargo - banks
- Cisco, Broadcom, Qualcomm, Arm, Marvell - hardware and semiconductors
- UnitedHealth Group, Verizon - healthcare and telecom
The share is growing. According to CoinDesk's count, about 37% of the companies on the proposed registry filed objections.
How fast is the list growing?
The platform issued its first notice on October 4. After that, the count of refusals went as follows:
- October 15. 9 refusals.
- October 19. 16 refusals.
- October 23. 22 refusals.
- October 26. 26 refusals.
Why do companies have a right of veto?
The SEC's new regime. The platform operates under a five-year "innovation exemption." The regulator introduced it in September after the Clarity Act bill stalled in the Senate.
The regime permits round-the-clock trading of shares on the blockchain. But it obliges the platform to notify the issuer and give it 30 days to object.
- Stayed silent - trading starts, and consent cannot be withdrawn afterward
- Refused - this costs the issuer nothing
That is why many choose refusal by default.
How is the trading itself structured?
Tokenized US shares in 24/7 mode. Trades go through permissioned Uniswap v4 liquidity pools on OKX's XLayer blockchain.
- Settlement - in stablecoins such as USDC
- Instead of an order book - an automated market maker
- Access - only after identity and sanctions-list checks, with a non-transferable token in the wallet
- Leverage and borrowed funds are prohibited, trades are paid in full
What are the risks for the holder?
The token is not a share. Each token is a claim on a real share. The paper itself is held by a third-party "tokenizer" through a registered broker-dealer.
Key point: if the broker goes bankrupt, it is unclear whether tokens in self-custody will be considered client property. Whether they will fall under SIPC protection is also unclear.
What happens next?
Waiting for the first movers. Andrew Cuomo, co-chair of OKXICE and former governor of New York, spoke at a press conference a week earlier.
He acknowledged that many companies would prefer to "wait and see how it goes rather than participate first." The list of refusals continues to be updated.
A trader should check in advance which trading regimes their prop firm permits.
Waiting for tokenized shares in your terminal?
The instrument has not launched yet, and a third of the registry has already crossed itself out. This is the normal mechanics of any new market: the rules are being written on the fly. In prop trading it is the same story, except it concerns you personally: the list of permitted instruments, platforms and trading regimes is different for each prop firm and changes without announcement. Tokenized shares, crypto on weekends, round-the-clock sessions - in some places this is standard operation, in others a separate prohibition clause. It is more convenient to check the rules where the conditions are gathered together and updated.