Sixty-one public companies, Apple among them, have now used a veto the SEC handed them in September, and the only stock token it lets them block is one that comes with a vote.
The token belongs to OKXICE, a 50-50 venture between Intercontinental Exchange, which owns the New York Stock Exchange, and the crypto exchange OKX. It wants to run round-the-clock blockchain trading in 62 U.S.-listed companies. Under the SEC’s new Innovation Exemption, a venue like this has to notify a company before trading a token of its stock made by an outside party, and the company gets 30 days to say no. Apple, Home Depot and GE Vernova took the venue’s objection list to 59 in its Nov. 3 notice. Boeing and ServiceNow followed on Wednesday.
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What’s odd is that tokens of Apple already trade. Kraken sells tokens of more than 100 companies, Apple and Nvidia included, to customers in select countries outside the U.S., and its own support page says holders get no voting rights. Robinhood describes its European stock tokens as derivative contracts priced off the shares “without granting rights to them.” Apple’s objection touches neither. The SEC’s order lets a token trade on a venue like OKXICE only if it carries the same rights as the share itself, votes and dividends included, and shuts out anything offering mere price exposure. The objection applies one venue at a time, and only to that rights-bearing kind. Lawyers at Troutman Pepper Locke call the right unusual, since companies generally cannot stop an exchange from trading their stock at all. So the rare say companies were given reaches only the version built most like a real share.
None of which makes the objections irrational. Troutman’s reading is that the SEC grounded the veto in two worries any company would share — an accurate record of who owns it, and a token price drifting away from the real one. Applied Optoelectronics told Fortune the effect on its price, liquidity and volatility was unclear, and that investors might wrongly assume it had endorsed the product. And OKXICE says it won’t create tokens itself, while shares a company tokenizes on its own need no notice at all, so an objection is not a permanent no.
The trading the veto cannot reach is meanwhile getting bigger. CNBC reported that tokenized volume on Robinhood’s own blockchain hit $11.31 billion in September, up from $526 million in July — more than twenty times as much in two months.
For once, public companies got a vote on where their stock trades. The token they voted down is the one that would have given its holders a vote too.
The $3 Trillion Crisis That Almost NOBODY Is Talking About
According to Wall Street legend Dr. Martin D. Weiss, there’s a $3 trillion financial crisis happening right now.
And almost nobody but him is warning people.
In fact, according to WSJ, this $3 trillion market “is under growing strain, despite industry’s upbeat tone.”
Weiss says the biggest danger is NOT just another stock market crash.
The biggest danger is NOT only a major bank failure.
Rather, it’s a chain reaction of crashes and failures across the globe.
The token they voted down is the one that would have given its holders a vote too.
