Tokenized stock trading takes off overseas while Goldman, Microsoft and McDonald’s object to tokens of their shares
CNBC explains the growth numbers and the shareholder-rights question behind the objections.
Trading in blockchain versions of stocks is growing fast outside the U.S. Bitwise Asset Management's quarterly report says tokenized stock volume on Robinhood Chain went from $526 million in July to $11.31 billion in September, CNBC reports.
In the U.S., companies are pushing back. On October 19, OKXICE, the tokenized-securities venue launched by crypto exchange OKX and NYSE owner Intercontinental Exchange, disclosed objections from Goldman Sachs, Microsoft, Qualcomm, Caterpillar, McDonald's, Western Digital and Alphabet, adding to earlier objectors including CoreWeave, UnitedHealth and Broadcom.
CNBC says the SEC's innovation exemption last month created a temporary path for tokenized stocks in the U.S. that requires companies be able to object. The debate centers on whether token holders should get the same rights as shareholders, including voting.