OKX-ICE Venture submits an application to the SEC to launch a 24-hour tokenized stock trading servic

OKXICE filed a notice with the SEC to operate a tokenized securities venue for U.S. stocks

OKXICE, a joint venture between cryptocurrency exchange OKX and the parent company of the New York Stock Exchange, has formally filed a notice with the U.S. Securities and Exchange Commission (SEC) announcing its intention to operate a tokenized securities venue under the agency's new "innovation exemption" mechanism. The proposal covers 63 U.S. listed companies and aims to trade through a 24-hour on-chain liquidity pool. The issuer has a 30-day objection period before the relevant shares are allowed to trade at the venue. A specific launch date has not been announced, and submitting a notice to the SEC does not amount to approval.

Project Overview: 63 stocks, formula-priced liquidity pools and blockchain technology

OKXICE issued a notice to the SEC on October 4 that it plans to operate a tokenized securities venue under its new innovation exemption framework. The proposal covers 63 U.S. stocks that will be traded 24/7 through a blockchain-based liquidity pool, and the tokens issued will enjoy the same dividend rights and voting rights as ordinary shares. The notice was filed 17 days after the SEC issued the exemption, indicating that the infrastructure was built earlier than before the rule was introduced.

公开列出的名单包括英伟达（Nvidia）、苹果（Apple）、微软（Microsoft）、亚马逊（Amazon）、特斯拉（Tesla）、摩根大通（JPMorgan Chase）、沃尔玛（Walmart）、网飞（Netflix）、可口可乐（Coca-Cola）、高盛（Goldman Sachs）、波音（Boeing）、思科（Cisco）、IBM、Coinbase、Robinhood、Palantir、AMD、Circle、Reddit和SpaceX等知名公司。10月4日的公开通知列出了来自美国交易所的63个代码，每只代币都将针对USDC、USDG或USDT进行交易。

该场所为许可制（Permissioned），意味着只有经过批准的参与者才能进行交易，并将使用自动做市商（即通过公式报价的代币池）而非传统的订单簿。通知中明确指出使用的是许可制Uniswap v4流动性池。OKX首席执行官徐星曾表示，交易合约将运行在OKX自家的区块链网络X Layer上。目前尚未设定上线日期，提交通知与获得 clearance 或正式开业是截然不同的两回事。

为何SEC排除合成追踪器并强制要求分红与投票权

9月17日引入的“创新豁免”为符合条件的场所提供了五年期的有条件豁免，使其不被视为《1934年证券交易法》第3(a)(1)条定义的交易所。特定的流动性提供商也获得了免除经销商定义的同等待遇。与此同时，SEC正在收集公众意见，并可能用永久性规则取代这一临时框架。

该豁免的条件较为严格。场所必须是美国实体，遵守OFAC制裁规定，根据自身发布的标准限制访问权限，并保持在证券数量和交易量上的上限。其智能合约必须可公开审计，并部署在公共无许可账本上。

有两项要求对产品设计影响最大。首先，代币化股票必须赋予持有者与传统证券基本相同的权利，包括分红和投票权。SEC主席Paul Atkins曾以此将这些工具与合成价格追踪器区分开来。其次，当基础股票的初级市场休市时，代币也必须停止交易。因此，全天候交易并不意味着产生一个独立于股票本身的市场。

苹果、英伟达等其余公司享有30天否决权

发行商拥有一种形式的否决权。当非关联第三方希望将一家公司的股份代币化时，场所必须通知该公司并给予其提出异议的机会。在OKXICE的案例中，规定的退出期为30天，因此在任何交易发生之前，这63只股票的列表可能会缩减。哪些公司会拒绝（如果有的话），将是测试美国企业界如何看待这一豁免的首次公开考验。

从3月250亿美元的投资到10月的SEC通知

在此案中，ICE并非作为技术供应商服务于加密公司，而是执行该公司早在几个月前披露的战略。以下是关键时间节点：

• 2026年1月：NYSE launches its tokenization platform that supports 24/7 trading, fragmented shares, stablecoin financing, and instant settlement on top of the Pillar matchmaking engine.
• March 5, 2026:ICE invested in OKX at a valuation of US$25 billion. The deal includes the formation of a 50:50 joint venture that was formed in June.
• March 2026:Securitize joins as a digital transfer agent. The company is expected to mine blockchain-native securities for issuers on the NYSE platform.
• September 17, 2026: The SEC introduces an innovation exemption that provides a five-year conditional exemption for tokenized securities venues.
• October 4, 2026:OKXICE filed a notice with the SEC involving 63 stocks, on-chain liquidity pools, and contracts planned to run on the X Layer.

The March agreement is not limited to equity. ICE said it will authorize OKX spot prices, list U.S. regulated cryptocurrency futures, and allow OKX's customer base of more than 120 million to eventually access the NYSE tokenized equity market. Through a partnership between NYSE, Securitize and OKX, ICE now controls the exchange infrastructure, distribution channels and distribution networks for crypto native users.

Most competitors only sell tokenized stocks in the U.S.

OKX itself lists more than 40 tokenized U.S. stocks and ETFs through xStocks, but states that these products are not available in the U.S. and Europe. Most competitors face the same restrictions, and the legal structure behind each product varies widely.

Platform US Access Rights Statement of Interests OKXICE (Proposed) Yes, licensing system Dividends and voting rights equal to underlying stocks Kraken xStocks No 1:1 pegged economic exposure, non-voting rights Robinhood Stock Tokens No Tokenized debt securities with no recourse to equity issuers Coinbase (Base) No, Regulation S Priority recourse for shares held in bankruptcy custody Dinari dShares Yes Ownership rights retained through registered broker-dealer

Kraken said xStocks cumulative trading volume has exceeded US$25 billion and reached 100 instruments in March. Robinhood promotes more than 190 stock tokens overseas and is building its own Ethereum Layer 2. Dinari already serves U.S. investors through registered broker-dealers and owns more than 700 stocks and ETFs, which means OKXICE is not the country's first tokenized stock operation.

Market competitive landscape and technological challenges

它们竞争的市场仍然很小，RWA.xyz数据显示，分布式代币化股票价值为32.1亿美元，月度转移量为118.9亿美元。其中Mondo是最大的平台。虽然结算时间从一天缩短为一笔交易，且流动性跨链分散，但延长交易时间是最不具实质性的特征。美股交易后下一个工作日结算，而代币化股票可以与美元稳定币在一笔交易中易手。碎片化单位是内置功能。作为代币持有的股票也可以作为抵押品用于链上借贷市场，Coinbase Research对此进行了描述。

成本同样具体。同一只苹果股票可能同时存在于X Layer、Base、Robinhood Chain和Solana上，导致流动性在不互通的场所之间分裂。东部时间凌晨3点，该股票最深的订单簿已关闭，Coinbase Research警告称，代币化股权市场在常规时间之外流动性薄弱，可能导致更高的滑点和波动性。基于池的定价还依赖于外部数据源来获取价格和公司行动信息，延迟的数据源会导致代币与股票脱节。

Citadel要求正式规则制定，仅获得评论期

Citadel Securities and several industry groups pointed out in a 2025 letter to the SEC that exemptions for blockchain venues would create parallel regulatory regimes, and changes of this scale should fall within the scope of formal rulemaking. Atkins called the exemption a bridge to permanent rules and said the agency acted quickly after Congress failed to advance the CLARITY bill. The open comment period provides a formal channel for these critics, while the first venues are still collecting responses from publishers. How NYSE's own digital platform will coexist with OKXICE is a question that neither ICE nor OKX has publicly answered.