Elon Musk’s Tesla and SpaceX have joined dozens of companies opposing the OKX-ICE tokenized stock trading initiative, increasing the number of objections to 67. The latest additions include Palantir, S&P Global, KLA, Super Micro Computer, and Meta. As a result, 56 of the 62 companies initially selected for the platform have now objected to having their shares offered through the proposed trading venue.
The development follows Musk’s recent reaction to a separate initiative backed by Intercontinental Exchange (ICE) involving Hyperliquid. On October 29, the billionaire responded with the word “Interesting” after investor Stanley Druckenmiller announced an investment in Trade[XYZ], a company partnering with ICE to introduce Hyperliquid-based perpetual futures to US markets.
Tesla and SpaceX Join Growing Opposition to OKX-ICE Tokenized Stocks
The increasing number of objections represents a major challenge for the OKX-ICE tokenized stock project. The initiative is a collaboration between cryptocurrency exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange.
The proposed service is designed to introduce blockchain-based versions of US stocks, allowing investors to trade throughout the day using stablecoins such as USDC. However, an increasing number of publicly traded companies are using their rights to prevent independent platforms from offering tokenized representations of their shares.
Tesla and SpaceX were included in OKX-ICE’s November 2 notice alongside companies such as Amazon, Netflix, Lam Research, and SoFi Technologies. Additional objections have since increased the total number of companies opposing the initiative to 67.
Initially, the platform selected 62 companies representing 63 proposed stock tickers. The latest figures show that 56 companies from that original group have formally objected, while the total number of objections now exceeds the initial list.
Under the SEC’s temporary Innovation Exemption, trading platforms must notify companies before introducing third-party tokenized versions of their securities. Companies have 30 days to submit objections, which can prevent the platform from listing the corresponding tokenized shares.
However, these decisions do not necessarily indicate opposition to tokenization as a whole. Companies can still develop independent tokenization projects or explore partnerships with alternative platforms.
The OKX-ICE proposal plans to use permissioned liquidity pools operating on OKX’s X Layer blockchain, with Uniswap v4 infrastructure facilitating trading. Participants would also need to complete identity verification and sanctions screening before gaining access.
The project seeks to combine blockchain-based settlement with extended trading availability. Nevertheless, the growing number of corporate objections raises uncertainty about how many major US stocks will ultimately be accessible through the platform.
Elon Musk’s Reaction to Hyperliquid Partnership Draws Attention
The opposition from Tesla and SpaceX creates an interesting contrast with Musk’s recent engagement with another ICE-backed blockchain initiative involving Hyperliquid.
On October 29, billionaire investor Stanley Druckenmiller revealed an investment in Trade[XYZ] and discussed plans to use its products following the company’s partnership with ICE.
Musk reacted to Druckenmiller’s announcement on X with a brief response: “Interesting.”
The partnership concerns a separate ICE initiative aimed at introducing perpetual futures trading to US markets through Hyperliquid’s blockchain infrastructure. Under the proposed arrangement, ICE will provide the regulated exchange and clearing framework, while Trade[XYZ] will develop the trading markets using Hyperliquid technology.
The initiative plans to introduce 24-hour perpetual contracts covering several asset classes, including cryptocurrencies, stocks, commodities, and foreign exchange.
ICE is also making a strategic investment in Trade[XYZ], establishing a direct institutional connection to the expanding blockchain-based financial markets sector.
The two developments highlight different approaches to tokenized financial products. While Tesla and SpaceX have joined the companies opposing the OKX-ICE stock offering, Musk’s brief response to the separate Hyperliquid initiative has drawn attention to ICE’s broader expansion into blockchain-based trading.
About The Author
More Stories
Bitcoin Stabilizes After AI Stock Rout as Traders Await U.S. Jobs Data
Bitcoin Reclaims $76K as Spot ETFs Record $430M in Outflows After Tech Sell-Off
Bitcoin Crashes to $76K as AI Stock Selloff Triggers Wall Street Rout