Some issuers have objected to their stock being tokenized on new platforms called Tokenized Securities Venues (TSVs), and this is likely to continue.

Graham Ferguson at tokenization platform Securtize, said on X:

Here is the current list of companies that have opted out of the @OKX <> @ICE_Markets joint venture to bring stock trading on chain.@cerebras @AppLovin @APLDdigital @RocketLab @CoreWeave @Verizon @AppliedOpto @Broadcom @UHC

Why opt out? Feedback welcome. pic.twitter.com/fMt47nuIhd

— Graham Ferguson (@grahamfergs) October 19, 2026

Four Pillars, a research and blockchain enterprise, said in a newsletter said that this is the first case of the issuer objection process taking effect since the SEC announced an innovation exemption on 17 September 2026. The SEC allowed TSVs to trade tokenized NMS stock with certain limitations including market share thresholds.

In addition, if NMS stock is tokenized by a third party unaffiliated with the issuer, the TSV must provide a written notice to the issuer allowing them  to object. A TSV must also verify that the tokenized NMS stock made available for trading  provides holders the same rights and privileges as the traditional NMS stock of an equivalent class, including dividends and voting rights.

The main reason companies are objecting is that the interests of tokenizers and companies diverge, according to Four Pillars. Tokenizers attract users and earn fees by listing tokens, but companies do not receive any new capital, the token price is formed separately from the existing market and liquidity is fragmented.

“Risks such as price divergence may also be passed on to the company,” said Four Pillars. “It is a market where the revenue goes to the tokenizers and the risk goes to the companies, leaving companies with little reason to participate.”

Four Pillars argued that unless this conflict of interest is resolved, similar objections are likely to follow each time. Therefore, the firm believes that the global tokenized stock market is likely to remain a structure in which linked securities models circulate outside the U.S.

Olivia Vande Woude, business development, tokenization at Ava Labs, agreed on X that more issuers are likely to object. She said: “I think the objections are rational: an unaffiliated, always on market in your shares sits outside your investor relations & shareholder communication channels… & management gets little in return for allowing it.”

The @SECGov Innovation Exemption opened a path for 3rd-party platforms to offer tokenized stocks. It also gave every issuer a 30-day window to block its own listing with a single letter, & the largest names are using it.

OKXICE is the 1st test case. 9 issuers have objected so… https://t.co/wMyI1cG0PT

— Olivia Vande Woude (@cryptoreine) October 16, 2026

She believes tokenized stocks will continue to grow in volume but “what launches onchain will depend on which issuers stay silent, & that points toward issuer-sponsored models and the transfer agent as the stronger path for tokenized stocks.”

For example, tokenizaton platorms Securitize and Superstate believe in issuer-sponsored tokenization, where a company issue its shares onchain, with ownership recorded buy its regulates transfer agent. This allows the tokens to maintain the same shareholder rights as traditional equities.

Brian Glider, co-founder and chief executive of Glider, an onchain investment infrastructure platform, said on X that he expects zero traction on the OKX x ICE joint venture because there is no maker or taker demand:

I expect zero traction on the OKX x ICE joint venture.

Irregardless of these companies opting out of tokenized versions of their shares, there is no maker or taker demand. No professional market maker wants to use AMMs (they are not capitally efficient). And investors/traders… https://t.co/jVvGqznFlx

— Brian (@BrianInCrypto) October 18, 2026