OKX Submits Application to SEC for Tokenized Stock Trading Platform
Written with artificial intelligence.
OKX has applied to the U.S. Securities and Exchange Commission (SEC) to launch a tokenized stock trading platform, becoming one of the first major exchanges to offer digital versions of publicly traded stocks under new U.S. regulations. The platform will feature tokenized stocks from 63 New York Stock Exchange-listed companies.
OKX's Initiative
On October 5, 2023, PANews reported that OKX has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a tokenized stock trading platform. This move positions OKX as one of the first mainstream exchanges to utilize new SEC regulations to trade digital versions of publicly traded stocks.
Partnership and Initial Offerings
The application is made under OKXICE LLC, a joint venture between OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). The platform plans to initially offer tokenized stocks from 63 companies listed on the NYSE. Notably, the issuers of these stocks will have a 30-day period during which they can choose to opt-out before trading begins.
Regulatory Background
This initiative is supported by the SEC's recently introduced five-year 'Innovation Exemption,' which was launched on September 17, 2023. Under this new regulation, tokenized securities are required to provide complete shareholder rights, including dividends and voting rights.
Leadership and Valuation
The joint venture is co-chaired by former New York Governor Andrew Cuomo. Earlier this year, ICE made a strategic investment in OKX, valuing the cryptocurrency exchange at $25 billion.