OKX-ICE Co-Chair: Corporate opposition to tokenized stock plans is a “normal reaction” and aligns with expectations

On October 21, Andrew Cuomo, Joint Chair of the OKX-ICE joint venture, OKX Board Member, and former New York Governor, stated during a media conference call that issuers’ opposition to tokenized stock trading is “a very normal reaction.” He emphasized that the model was deliberately designed to give companies full autonomy—to voluntarily join or proactively opt out. Given the transformative and far-reaching nature of this change, many firms are adopting a wait-and-see stance—holding back from early participation while observing how developments unfold—a response fully aligned with the project’s expectations.

This statement comes after seven newly disclosed companies—including Microsoft, Alphabet, and Goldman Sachs—joined the growing list of opponents. Earlier, Broadcom, Verizon, and UnitedHealth Group had already publicly declared they would not support tokenized trading of their shares on the OKX-ICE platform. As of Monday’s publicly released notices, a total of 16 companies have declined to allow their shares to be tokenized on the platform.

The OKX-ICE platform, jointly established by cryptocurrency exchange OKX and Intercontinental Exchange (ICE)—the parent company of the New York Stock Exchange—is designed to explore novel market structures. Cuomo views the current wave of corporate resistance as a predictable, transitional phase in the rollout of this new mechanism.