OKX filed with the US Securities and Exchange Commission (SEC) on Sunday to trade tokenized US stocks. The venture plans to start with 63 companies listed on the New York Stock Exchange (NYSE).
The SEC opened a five-year exemption for on-chain trading 17 days earlier. However, volume caps and a 30-day issuer objection window could shrink the first-mover reward.
The filing came through OKXICE LLC, a joint venture with NYSE owner Intercontinental Exchange (ICE), Bloomberg reported. ICE’s OKX investment valued the exchange at $25 billion.
In September, tokenized stocks accounted for an 11% average share of decentralized exchange (DEX) trading. The exemption caps each venue at 75 top-tier stocks, typically S&P 500 and Russell 1000 members.
Each token’s trading cannot exceed 0.25% of the stock’s prior-month volume. A repeat breach forces a three-month pause. Therefore, OKX’s initial 63 names would fill most of the 75-symbol ceiling if they sit in the top tier.
Issuers also hold a veto. Companies that did not authorize tokenization can block a listing by objecting within 30 days. Each venue must send its own notice.
Rivals face the same limits if they use the exemption. Coinbase, for example, launched tokenized US stocks for eligible non-US customers in August.
The exemption expires in September 2031 and remains an agency order, not legislation. The Senate failed to advance the Clarity Act, a bill that would set federal crypto market rules, last month.
OKXICE co-chair and former New York governor Andrew Cuomo has warned that agency rules are fragile. He expects a new Congress to scrutinize such rules.
Still, the SEC has asked whether to make the exemptions permanent.
Meanwhile, NYSE struck an early-stage agreement with Blockchain.com covering its own digital venue. That firm claims 44 million accounts.
First-mover status may hinge less on filing dates than on user reach, issuer consent and the next Congress. If tokenized stocks scale, the volume caps and the 2031 expiry could decide who profits.
The post OKX Rushes Into Tokenized US Stocks: Will First-Mover Status Pay Off? appeared first on BeInCrypto.
Bitcoin retreats from nearly $87,000 as resistance holds. Key BTC levels, downside risks, macro catalysts and Bitcoin Hyper presale details. The post Bitcoin Price Prediction:
S&P’s Vault Risk Assessment weighs six risks in DeFi lending as vault deposits reach $10 billion, but it is not a credit rating. The post
KuCoin has released its latest Proof-of-Reserves report, which confirms that user funds are secured with a 1:1 on-chain reserve ratio. This announcement, shared by the
The burn brings GateToken’s cumulative burned total to 191,934,541 GT. Gate Chain’s total supply has fallen 63.98% since its mainnet launched in 2019.
Blockchain Bodega is here and you know the vibes. We’re at the intersection of hip-hop culture and web3, exploring this new digital frontier. Who better to guide you through these uncharted lanes than Ock Chain – The Bitcoin Boss and the Consensus Corner Boys?
Ock Chain doesn’t just cook up random details about cryptocurrency; he lives it. Ock’s been deep in the game since Bitcoin was just a baby.
And let’s not forget about the Consensus Corner Boys. They’re our skilled crew of blockchain enthusiasts. They’re here to educate, entertain, and enlighten.
Welcome to Blockchain Bodega!
Copyright © 2023 Blockchain Bodega. All rights reserved.
