Walmart, Eli Lilly Join 38 Firms Opposing OKX–ICE Tokenized Stock Plans

Major corporations including Walmart and Eli Lilly have joined a growing list of companies formally objecting to the tokenized stock plans proposed by crypto exchange OKX and Intercontinental Exchange (ICE). With these five new objections, the total number of companies pushing back has reached 38, signaling widespread corporate resistance to the initiative. The companies are concerned about the tokenization of their equities without their consent, citing risks to shareholder rights, market integrity, and regulatory compliance. Meanwhile, a rival venue, Canton, is preparing to launch with an issuer-sponsored stock under the SEC's innovation exemption, potentially offering a more collaborative model. The pushback underscores the tension between traditional corporate governance and emerging blockchain-based financial products, as companies seek to control how their shares are represented in digital markets. The outcome of this dispute could shape the future of tokenized securities and influence regulatory approaches. Watch for further corporate reactions as the SEC weighs the competing proposals.