OKXICE, a joint venture between OKX and ICE, the parent company of the New York Stock Exchange, is expected to launch a tokenized securities trading platform on November 23. The platform plans to provide round-the-clock trading with an on-chain liquidity pool, but tradable objects are still subject to issuer objections and SEC innovation exemption conditions. (Preliminary summary: 84% of the giants have joined forces to oppose! Why is the tokenization of stocks that silence equals consent kicking the iron?) (Background supplement: Solana ushered in the first SEC-exempt tokenized U.S. stock platform! Formation is expected to go online in 2027, debuting three stocks including Galaxy) The joint venture plan between the encryption trading platform OKX and the New York Stock Exchange’s parent company Intercontinental Exchange (ICE) is preparing to enter the tokenized U.S. stock trading stage. OKXICE disclosed in an official public notice that the operating entity is OKXICE LLC, a Texas company, which is 50% owned each by Intercontinental Exchange Holdings and OKC USA Holding. "The Block" reported on November 11 that the two parties have set a launch date of November 23, and it is expected to be open to US users who hold CeDeFi wallets and complete the account opening process. The assets listed in the report include Coinbase, Circle, Robinhood related targets and ETFs; the platform follows the SEC's five-year innovation exemption framework rather than registering as a traditional stock exchange. Trading with XLayer liquidity pool, planned to operate seven days a week. According to public notification, OKXICE TSV is a tokenized securities trading field, with services covering retail investors, institutions, market makers and liquidity providers. It does not operate an order book, but uses the Uniswap v4 liquidity pool on XLayer, plus its own smart contract extensions to control which wallets can participate. Stock tokens will be paired with payment stablecoins such as USDC and USDG, and the platform plans to operate 24 hours a day, seven days a week. Each transaction completes the transfer of assets between both parties in the same on-chain transaction, which is atomic settlement and does not go through a central counterparty or net settlement. Round-the-clock operation does not mean that any wallet can directly trade. Participants must complete identity or business verification, anti-money laundering and sanctions screening, prove control of their wallets, and be approved by the tokenization service provider to open an account; only after passing, the wallet will receive non-transferable qualification tokens. The platform itself does not keep participants’ assets nor provide credit financing. Users must first prepare the assets required for the transaction in their self-managed wallet and complete the delivery at one time when the transaction is completed. Innovation exemption relaxes certain definitions, but shareholder rights must still be preserved. The U.S. Securities and Exchange Commission (SEC) announced this temporary, conditional exemption on September 17. Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934, eligible venues are exempt from the Act’s exchange definition and certain liquidity providers are exempt from the dealer definition for a period of five years. The exemption does not turn the stock into an asset exempt from securities regulations. The SEC requires tokens to retain the same rights as similar traditional stocks and sets conditions on the underlying quantity, trading volume, public disclosure and smart contracts; before third-party tokenization, the stock issuer must also be notified and provided with an opportunity to object. OKXICE’s document also stipulates that third-party tokenization service providers must hold underlying stocks on a one-to-one basis through SEC-registered, FINRA member broker-dealers. Token holders should have corresponding rights to dividends, voting, and liquidation of residual assets, rather than just obtaining synthetic exposure that tracks stock prices. OKXICE has been listed on the SEC’s notice list, with a filing date of October 4. This procedure operates through prior public notification and continuous compliance with conditions; inclusion on the list itself does not mean that the SEC has determined that an enterprise meets all exemption conditions. 67 issuers raised objections and there are still boundaries for all-weather trading. While the online plan is advancing, stock issuers are still deciding which targets can enter the market. OKXICE’s public notice on November 5 listed 67 dissenters, including Meta, Apple, Huida, Tesla, Netflix and Costco. The objections were directed at the venue's arrangements for trading its stock tokens. Trading hours were lengthened, and there was no lifting of the trading suspension mechanism for the underlying stocks. According to the platform documents, when the original stock is suspended from trading on the major listed exchange, the corresponding stock token must stop trading simultaneously; hitting the trading volume limit under the exemption may also trigger a suspension. The price on the chain is determined by the ratio of the two assets in the liquidity pool, and does not directly copy the traditional market quotation. Therefore, while extending the trading period, investors will also face different price formation methods: outside the normal hours of the U.S. stock market, or when the liquidity in the pool is low, the token price may deviate from the underlying stock, and large transactions may also have a more obvious price impact. Related reports: Tesla, Amazon, Netflix and 6 other companies reject OKXICE tokenized stocks again! Five of the seven largest companies in the U.S. stock market have said no, including Nvidia, Costco, and Nike. Opponents of OKXICE’s tokenization of U.S. stocks rushed to 50 and 16 major manufacturers to oppose OKXICE’s tokenization of U.S. stocks! Cuomo: The normal reaction is to let the company choose its own. Nine companies including CoreWeave and Broadcom are opposed to OKXICE’s tokenization of U.S. stocks: they don’t want to be listed on the chain. OKXICE, the joint venture tokenized trading platform of OKX and the parent company of the New York Stock Exchange, is expected to be launched on November 23! Adopting an all-weather trading model on the chain> This article was first published in BlockTempo's "Dongqu Trend - the most influential blockchain news media".