Tesla and SpaceX have joined the growing number of companies opposing the OKX-ICE tokenized stock trading proposal, taking the total number of objections to 67. The latest additions also include Palantir, S&P Global, KLA, Super Micro Computer, and Meta. Consequently, 56 of the 62 companies originally chosen for the initiative have now objected to having their shares traded through the proposed platform.
The latest development comes shortly after Elon Musk attracted attention for reacting to another ICE-backed project involving Hyperliquid. On October 29, Musk replied “Interesting” to billionaire investor Stanley Druckenmiller’s announcement of an investment in Trade[XYZ]. The company is working with ICE to introduce Hyperliquid-powered perpetual futures trading in the United States.
Tesla and SpaceX Add to Resistance Against OKX-ICE Tokenized Stock Platform
The expanding list of corporate objections presents a major hurdle for the OKX-ICE tokenization project. The initiative brings together cryptocurrency exchange OKX and Intercontinental Exchange, which owns the New York Stock Exchange.
The proposed platform aims to make tokenized versions of US equities available through blockchain infrastructure. Investors would be able to trade these assets around the clock using stablecoins, including USDC. However, numerous publicly traded companies are now exercising their rights to block independent platforms from issuing tokenized representations of their shares.
Tesla and SpaceX appeared in OKX-ICE’s November 2 notification, alongside Amazon, Netflix, Lam Research, and SoFi Technologies. Further updates have since expanded the number of companies opposing the proposal to 67.
The initial selection covered 62 companies and 63 proposed stock tickers. Of those original companies, 56 have now filed objections, while additional objections have pushed the overall figure beyond the original selection.
The SEC’s temporary Innovation Exemption requires trading venues to notify companies before offering third-party tokenized versions of their securities. Issuers receive a 30-day window to object, and an objection can prevent the proposed platform from listing the affected tokenized shares.
However, rejecting a third-party listing does not necessarily mean a company opposes tokenization. Businesses remain free to develop their own blockchain-based securities products or pursue tokenization through other partnerships.
OKX-ICE plans to operate its proposed trading system through permissioned liquidity pools on OKX’s X Layer blockchain, using Uniswap v4 infrastructure to support transactions. Users would also need to complete identity verification and sanctions screening before accessing the service.
The platform is designed to combine blockchain settlement with extended trading availability. Still, the growing number of objections creates uncertainty over which major publicly traded companies will eventually be represented.
Musk’s Hyperliquid Reaction Creates an Interesting Contrast
Tesla and SpaceX’s opposition to the OKX-ICE proposal comes alongside Musk’s recent interaction with a different blockchain initiative supported by ICE.
On October 29, billionaire investor Stanley Druckenmiller announced his investment in Trade[XYZ] and revealed plans to use its products following a partnership with Intercontinental Exchange.
Musk responded to the announcement on X with a short message: “Interesting.”
The separate agreement focuses on bringing perpetual futures markets to the United States through Hyperliquid’s blockchain technology. Under the proposed structure, ICE will provide regulated exchange and clearing services, while Trade[XYZ] will build and operate the markets using Hyperliquid infrastructure.
The project aims to introduce continuous trading in perpetual contracts tied to multiple asset classes, including cryptocurrencies, equities, commodities, and foreign exchange.
ICE is also investing strategically in Trade[XYZ], highlighting its growing interest in blockchain-powered financial products and digital asset trading infrastructure.
Together, these developments highlight the different directions emerging in tokenized finance. While Tesla and SpaceX are among the companies rejecting third-party tokenized stock offerings through OKX-ICE, Musk’s response to the separate Hyperliquid partnership has brought renewed attention to ICE’s broader blockchain ambitions.
