OKXICE, the 50-50 joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has notified the U.S. Securities and Exchange Commission that it intends to launch a venue for trading tokenized U.S. stocks under the agency’s new Innovation Exemption.
The filing marks another step toward enabling stock markets to operate beyond traditional trading hours. Former New York Gov. Andrew Cuomo, who serves as co-chair of OKXICE, announced the plans on X.
The proposed platform is expected to initially offer tokenized versions of more than 60 companies whose shares are listed on U.S. stock exchanges.
“Tokenization is gathering real momentum, and we’re beginning to see what happens when the infrastructure of traditional markets meets blockchain technology,” Cuomo told CoinDesk. He said the partnership between OKX and ICE combines expertise from crypto and traditional financial markets, with the next step being to demonstrate how 24/7 onchain markets could improve trading and settlement while making markets more accessible and global.
Tokenized stocks are blockchain-based representations of conventional equity shares. Because the assets operate on blockchain infrastructure, they can potentially be traded outside standard U.S. market hours and settled more quickly than conventional shares.
OKXICE’s proposal follows an SEC rule introduced on Sept. 17 known as the “Innovation Exemption.” The temporary five-year exemption allows eligible trading venues to offer tokenized U.S. equities through automated market makers and liquidity pools.
The exemption also imposes several conditions. Tokenized shares must provide investors with the same economic and governance rights as their conventional counterparts, including dividends and voting rights. Companies whose shares are selected for tokenization are also given 30 days to object.
OKX and ICE established their 50-50 venture in June with the goal of developing infrastructure for tokenized financial products.
ICE’s participation signals that blockchain-based equity markets are gaining greater acceptance within traditional finance. Crypto platforms have already offered tokenized U.S. stocks, but those products have generally been available only to investors outside the United States.
OKX currently offers more than 70 tokenized stock tickers through offshore structures that prevent U.S. investors from accessing them. Despite those restrictions, the sector has expanded rapidly. Tokenized stocks now represent roughly $3.2 billion in value, an increase of 15% over the past month, according to RWA.xyz.
OKXICE is now seeking to move that activity into the U.S. through a regulated venue, with tokenized shares designed to retain the dividend and voting rights associated with traditional stocks.
The launch timeline will depend on the 30-day objection window and additional regulatory requirements. Cuomo indicated that the venture expects further developments, saying, “And we’re just getting started.”
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