OKX submits application to the US SEC to launch a tokenized US stock trading platform

On October 5, Bloomberg reported that OKX had submitted a document with the U.S. Securities and Exchange Commission (SEC) to launch a tokenized U.S. stock trading platform, becoming one of the first large-scale crypto trading platforms to use new U.S. regulations to carry out related businesses. Operating entity OKXICELLC plans to provide the first batch of tokenized shares of 63 NYSE listed companies, and relevant issuers can choose to withdraw within 30 days before the start of the transaction. OKXICE was jointly established by OKX and the parent company of the New York Stock Exchange, the Intercontinental Exchange (ICE), combining OKX's blockchain infrastructure with ICE's market technology. ICE invested in OKX in March this year, when the deal valued OKX at US$25 billion. The two parties also agreed to cooperate to develop a U.S. regulated crypto futures business. The SEC has previously passed a temporary exemption to allow blockchain versions of securities to be traded in the United States. According to relevant rules, tokenized securities must contain complete shareholder equity such as dividends and voting rights. OKXICE's launch time still depends on the end of the 30-day exit period and the implementation of other requirements. Andrew Cuomo, co-chairman of OKXICE, said the model could support global 24-hour stock trading.