IBM, Oracle, Intel and IonQ have expressed opposition to having their shares included in tokenised stock trading being pursued by OKX and Intercontinental Exchange through their joint venture OKXICE, Coindesk reported on Oct. 27 local time. The number of companies opposing the plan has risen to 26.

Microsoft, Alphabet, Goldman Sachs, Cisco and Wells Fargo had also opposed the plan earlier.

The U.S. Securities and Exchange Commission has allowed qualified exchanges to test blockchain-based stock trading through a five-year “innovation exemption” system. Listed companies can request that their shares not be traded if they choose. An exchange must notify an issuer before offering tokenised shares and provide a 30-day window to object.

In its first notice on Oct. 4, OKXICE said it would use a Uniswap v4 liquidity pool on the OKX blockchain X Layer for tokenised share trading and settle in stablecoins. It uses an automated market maker model that executes trades from an asset pool instead of matching buyers and sellers through an order book.

Industry experts also cite the way the new system operates as a factor behind the objections from multiple companies. Objecting carries no cost, and legal and investor relations staff can object first to buy time to understand the system, Coindesk reported.

Andrew Cuomo (앤드루 쿠오모), a former New York governor and co-chair of OKXICE, said last week the objections were expected and that many companies want to watch how things develop rather than participate first.