From Fortune · Camila Grigera Naón · · 1m 20s
Apple, Home Depot lead revolt against NYSE tokenized stock plan
Fifty-four companies have objected to a blockchain trading platform backed by the NYSE parent and former New York Gov. Andrew Cuomo, threatening the venture's launch.
In brief
Fifty-four companies have objected to a blockchain trading platform backed by the NYSE parent and former New York Gov. Andrew Cuomo, threatening the venture's launch. Fifty-four of sixty-two companies targeted by a tokenized stock trading platform have filed objections, including Apple, Home Depot, Microsoft and…
Blockchain stock venture faces mass rejection
A joint venture led by crypto firm OKX and the NYSE parent company announced plans to offer round-the-clock trading of tokenized shares of sixty-two public companies. As of Thursday, fifty-four had objected.
Major corporations line up to block listing
Apple, Home Depot and GE Vernova filed objections on Thursday. Boeing and ServiceNow joined Wednesday. Earlier objectors include Microsoft, Alphabet, Nvidia, JPMorgan Chase and Walmart.
Companies cite unclear risks and confusion
Applied Optoelectronics said the framework's potential impact on its stock's pricing, liquidity and volatility remained unclear. The company also expressed concern that investors might mistakenly believe it sponsored or endorsed the offering.
“At this stage, we don't see a clear benefit to AOI or our shareholders that justifies these uncertainties.”
SEC exemption allows trading without permission
The SEC granted a temporary exemption in September allowing platforms to offer tokenized stock trading without registering as national securities exchanges. Companies have thirty days from notification to object and block the listing.
The headline
Fifty-four of sixty-two companies targeted by a tokenized stock trading platform have filed objections, including Apple, Home Depot, Microsoft and Walmart, putting the venture on life support.
