Issuers object to tokenized versions of their shares

Goldman Sachs, Microsoft, Qualcomm, Caterpillar, McDonald’s, Western Digital and Alphabet were among companies objecting to tokenized versions of their shares. The Wall Street Journal connected the objections to plans by OKXICE, an ICE/OKX joint venture. Under the SEC framework described in the report, issuers receive 30 days’ notice and can object. Wall Street Journal

The named companies are exercising a right in this arrangement. That does not describe every product marketed as a tokenized stock. It does show why “the security is represented on-chain” does not settle the issuer, venue, custody, disclosure and liquidity relationships around it.