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FollowingOKX and Intercontinental Exchange Group jointly applied to the U.S. SEC for approval of 63 tokenized U.S. stock products
Cryptocurrency exchange OKX and Intercontinental Exchange Group (ICE), which owns the New York Stock Exchange, have jointly applied to the U.S. Securities and Exchange Commission (SEC) for approval of a product covering 63 tokenized U.S. stocks. At present, the application has not been approved and no launch date has been announced.
What is a tokenized stock?
Tokenized shares are digital representations of real company shares. They exist on blockchain-a shared digital ledger-rather than traditional brokerage accounts. The goal is to allow people to trade stock exposure through crypto platforms, potentially trading around the clock, and without the need to open a traditional brokerage account.
Why is the number "63" important?
This number is significant. Such a large asset basket would far exceed a pilot project for a single company and could become one of the most extensive public tests to attempt tokenize equity access under the framework of U.S. securities laws.
Specific contents of OKX and ICE's application to the SEC
OKX is a major global cryptocurrency exchange, while ICE is a traditional financial infrastructure giant that holds multiple assets including the New York Stock Exchange. The two jointly asked the SEC, the U.S. regulator responsible for regulating securities markets, to approve a product that would allow users to access 63 U.S. stocks in a tokenized form.
Currently, it is only in the application stage and has not been approved. The SEC has not publicly responded to the request, nor has it confirmed terms, qualified user standards or release timetable. This is still in the early stages of the regulatory process.
ICE's participation directly connects traditional stock market infrastructure to the crypto world. Companies listed on the New York Stock Exchange are among the most vetted stocks in the world. Introducing tokenized versions of these stocks into crypto exchanges requires the same regulatory framework. This move is in line with a broader trend of traditional financial and crypto companies seeking regulatory clarity, similar to the previous three crypto companies recently obtained conditional approval from the Federal Trust Bank.
Why is SEC approval the core issue?
Tokenized stocks are at the intersection of two regulatory worlds: crypto-assets and securities law. The SEC treats stocks as securities, which means that any product that represents or tracks stocks must meet strict disclosure, custody and investor protection standards.
Tokens that mirror a stock are not the same as directly owning the stock. Issues such as who holds underlying shares, how to deal with corporate behavior such as stock splits or mergers, and the consequences of an issuer's default were not resolved until the SEC sets specific terms.
If approved, the proposal could set a precedent for large-scale tokenization of equity. A similar debate over bridging traditional finance and cryptofinance has emerged in areas such as the tax treatment of crypto-ETFs, where the boundaries between securities rules and digital assets remain actively contentious.
What does this mean for investors?
If approved, the product could allow crypto users to gain exposure to U.S. stocks without opening a traditional brokerage account. Potential benefits include leveraging smart contracts, programs that are automated on blockchain, for programmable settlements and providing broader access in areas where it is difficult to open brokerage accounts.
The risks are still real. Tokenized shares do not necessarily confer ownership of the shares. Liquidity, custody arrangements and how corporate behavior is handled will all depend on the final product structure, and these details are not publicly confirmed. Efforts to promote regulatory clarity on crypto-related financial products are not limited to this application; it reflects similar ongoing work, such as discussions on the physical redemption structure of crypto-ETFs and the path for traditional financial-related crypto companies to move towards federal licensing.
关键观察点包括：SEC是否批准该请求、监管机构要求的托管和所有权结构是什么、哪些用户有资格参与，以及实际的交易条款如何。在这些细节公开之前，该提案仍是一份监管文件，而非实际运行的产品。
