Wells Fargo, Cisco, and others object to OKXICE's tokenized stock trading plan

A total of 22 companies, including Cisco, Wells Fargo, Marvell, Arm, Intuit, and Moderna, have opted out of OKXICE's plan to offer blockchain-based trading of their tokenized shares. This development highlights a hurdle for the joint venture between crypto exchange OKX and NYSE parent ICE under the SEC’s new framework, which grants issuers 30 days to block their shares from tokenized securities venues. The plan aims to allow U.S. investors to trade stocks around the clock on blockchains, utilizing Uniswap (UNI) liquidity pools on OKX’s XLayer blockchain with stablecoin settlement.