OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, has informed the U.S. Securities and Exchange Commission (SEC) that it plans to launch a venue for trading tokenized U.S. stocks under the agency’s new Innovation Exemption.
The proposed platform could bring round-the-clock trading to U.S. equities by using blockchain-based versions of publicly listed shares. Former New York Gov. Andrew Cuomo, co-chair of OKXICE, disclosed the plans on X.
The venture expects to begin with tokenized shares representing more than 60 companies listed on U.S. stock exchanges.
Cuomo said the project combines the market infrastructure expertise of ICE with OKX’s experience in digital assets. He described the initiative as an opportunity to demonstrate how 24/7 onchain markets could improve trading and settlement while expanding access to global investors.
Tokenized stocks represent traditional equity shares on a blockchain. Their blockchain-based structure allows them to potentially trade beyond standard market hours and supports faster settlement than conventional stock-market infrastructure.
The proposal follows an SEC measure introduced Sept. 17 that created an “Innovation Exemption” for qualifying venues. Under the temporary five-year framework, eligible platforms can use automated market makers and liquidity pools to facilitate trading in tokenized U.S. stocks.
The SEC exemption includes several safeguards. Tokenized shares must provide the same rights as the underlying conventional stocks, including voting and dividend rights. Companies whose shares are selected for tokenization also have a 30-day period to object.
OKX and ICE created the 50-50 joint venture in June to develop infrastructure for tokenized financial assets.
The involvement of the NYSE’s parent highlights the growing overlap between traditional financial markets and blockchain technology. Crypto exchanges have offered tokenized versions of U.S. stocks for years, although such products have generally been restricted to investors outside the U.S.
OKX currently lists more than 70 tokenized stock tickers through offshore structures, meaning U.S. investors cannot access them. The broader tokenized-stock market has nevertheless expanded quickly, reaching about $3.2 billion in value after growing 15% over the past month, according to RWA.xyz.
OKXICE now aims to establish a U.S.-based, regulated market for tokenized equities, with the digital versions carrying the same dividend and voting rights as the underlying shares.
The timing of the launch will depend on the SEC’s 30-day objection window and other regulatory requirements. Cuomo suggested the project is only at an early stage, saying, “And we’re just getting started.”
