OKXICE, the joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange (ICE), has asked the SEC for permission to start trading tokenized versions of U.S. stocks around the clock. The plan would let investors trade blockchain-based shares of more than 60 listed companies without the usual market hours.
The proposal was announced on X by former New York Gov. Andrew Cuomo, who serves as co-chair of the venture. The move follows a new five-year exemption issued by the SEC on Sept. 17.
The Venture Behind the Plan
OKX and ICE formed the 50-50 joint venture in June to build infrastructure for tokenized financial products. The company is now seeking approval to operate as a trading venue, with round-the-clock trading and faster settlement promised for the tokenized shares.
Cuomo framed the filing as a milestone for the sector. “Tokenization is gathering real momentum, and we’re beginning to see what happens when the infrastructure of traditional markets meets blockchain technology,” he said. “OKX and ICE bring together deep expertise from both sides of that equation. The opportunity now is to build on this first step and show how 24/7, onchain markets can make trading and settlement more efficient, accessible and global.”
He added: “And we’re just getting started.”
The plan preserves dividend and voting rights for shareholders.
How the Market Works Now
Crypto exchanges have offered tokenized U.S. stocks for some time, but only to customers outside the country. OKX itself lists more than 70 such tickers, issued under offshore rules so U.S. investors cannot buy them.
That arrangement contrasts with what OKXICE is proposing. Its venue would sit inside the U.S. regulatory framework, using the SEC’s new exemption to allow trading of tokenized shares for American investors.
Tokenized stocks are now worth about $3.2 billion, up 15% in the past month, according to RWA.xyz.
The filing marks a notable step for the tokenization sector, which has spent years operating largely in offshore spaces. Bringing a regulated U.S. venue online would give the technology a firmer footing in mainstream finance.
Cuomo’s comments suggest the venture sees this as the first of several moves. Whether the SEC agrees with that timeline is still unknown.
The approval process is likely to draw attention from regulators, investors and the broader crypto community, which has watched tokenization grow from a niche experiment into a meaningful share of the digital asset market.
Here’s what the venture is asking for:
- Approval to operate as a trading venue
- Round-the-clock trading of tokenized shares
- Faster settlement for the tokenized shares
The plan’s stated goals — efficiency, accessibility and global reach — align with broader trends in fintech. Whether those goals are met depends on the SEC’s response and the venture’s execution.
The filing signals the direction tokenization is taking as it moves closer to regulated operation.
Where the paper stands
The paper backs small exchanges and is against a big exchange like OKXICE asking the SEC for permission to trade tokenized U.S. stocks without normal market hours, which could raise the cost of entry for smaller rivals. The venture is a 50-50 joint between OKX and ICE, and its request for round-the-clock trading sits inside the SEC’s new five-year exemption issued on Sept. 17. The exemption gives the venture a path through the existing regulatory framework, but the paper’s concern is the effect on competition.
The paper’s core worry is that new rules tend to favor the largest players and raise barriers for the smallest. A trading venue that operates without normal market hours sets a standard other exchanges may need to match, raising costs for those that cannot. The paper accepts oversight where a business directly harms people or the environment, and wants that oversight narrow and aimed at the harm — but it is against broad new rulebooks and rules the biggest firms helped write. Here the venture itself is asking for permission, which puts it on the paper’s radar.
The SEC’s response will show whether the agency treats this as a narrow exception or a precedent for others. The paper would prefer any such approval to come with conditions tied to specific harms, not general permission to trade without normal market hours. The reader should watch for how the SEC frames its decision, and whether the approval carries narrow conditions or opens the door to similar requests from other large firms.
Source material: “Joint venture of OKX and NYSE parent ICE files for 24/7 tokenized U.S. stock trading,” CoinDesk.
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