- OKXICE has filed with the SEC under the agency’s new Innovation Exemption to launch a Tokenised Securities Venue in the United States.
- The filing puts OKXICE among the first firms to formally seek approval under the exemption.
OKXICE LLC, a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange, filed with the SEC under the agency’s new Innovation Exemption to launch a Tokenised Securities Venue in the United States.
The filing makes OKXICE one of the first firms to formally pursue approval under the exemption, which the SEC introduced after comprehensive crypto legislation backed by President Trump failed to advance in the Senate. The exemption clears the way for blockchain-based securities to trade on U.S. crypto venues under specific conditions.
Moreover, ICE took a stake in OKX in March in a deal that valued the crypto firm at $25 billion. Former New York Governor Andrew Cuomo, co-chair of OKXICE, announced the filing on X, describing it as a landmark step toward a genuinely global, 24/7 Wall Street.
What the Filing Actually Covers?
The initial lineup targets tokenised shares of 63 NYSE-listed companies, with issuers given 30 days to opt out before trading in their stock can begin. The platform is designed for round-the-clock trading and faster on-chain settlement, with dividend and voting rights preserved, a requirement under the SEC’s new framework. Also, no shareholder benefits are stripped in the process.
Furthermore, the timing of the platform’s launch depends on completing that opt-out period and meeting remaining regulatory requirements.
The Shifting Competitive Landscape
Global exchanges including the NYSE, Nasdaq, and the London Stock Exchange are all preparing to launch round-the-clock trading in the coming months. Prediction markets have also been pushing into U.S. stock trading, a move that has already drawn regulatory scrutiny.
The SEC’s Innovation Exemption has effectively fired a starting gun. Different models are now competing for market share, with some firms working directly with public companies to bring tokenised shares to crypto markets, and others offering tokens created by third parties without issuer involvement. OKXICE sits firmly in the first camp, with NYSE‘s own parent company as a partner.
For traditional exchanges, this represents a structural challenge, not just a new product category. In addition, the crypto venue offering 24/7 access to U.S. equities with on-chain settlement directly competes with the operating hours and settlement timelines that have defined Wall Street for decades.
Tokenised U.S. stocks trading on crypto infrastructure around the clock reframes what an exchange can be. The first venues to go live under this exemption gain a first-mover position in a market that traditional finance is only beginning to enter.
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