Microsoft, McDonald's, Verizon and others ask crypto platform not to tokenize their shares
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Microsoft, McDonald’s, Verizon and others ask crypto platform not to tokenize their shares

By adminvoxa
October 26, 2026 4 Min Read
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Crypto startups and more traditional financial institutions have spent the last year promoting tokenized stocks as the next major use case for blockchain technology. But many publicly traded companies aren’t interested in the sales pitch. Microsoft, Alphabet, McDonald’s, Goldman Sachs and Wells Fargo are among the latest companies to reject plans for tokenized versions of their stocks, joining previous objections from Verizon and others.

Last month, AMC Entertainment CEO Adam Aron also publicly clashed with Robinhood over the fintech company’s decision to tokenize the theater chain’s shares without permission, calling the practice “despicable, outrageous, disgusting, hateful, inexcusable, vile.”

Companies exercise their rights of opposition

According to Reuters, at least 22 companies have formally objected to the stock tokenization plans of OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange (the parent company of the New York Stock Exchange). Microsoft and Alphabet joined Goldman Sachs, Caterpillar, McDonald’s, Qualcomm and Western Digital in a new round of objections disclosed on the 19th, according to Fortune. Later in the week, Reuters reported six additional objections, including those from Intuit and Wells Fargo. These latest reports followed nine earlier objections from CoreWeave, Verizon, Applied Optoelectronics, Broadcom, UnitedHealth Group and others.

OKXICE, co-chaired by former New York Governor Andrew Cuomo, announced plans this month to offer 24-hour trading in tokenized versions of 63 U.S.-listed stocks under a temporary exemption from the U.S. Securities and Exchange Commission (SEC). Cuomo downplayed the objections in a written statement to Fortune. “We always anticipated that, given that this is a radical and revolutionary change, many companies would prefer to wait and see how it goes rather than being the first to participate,” he said.

Applied Optoelectronics told Fortune it objected because the framework is new and its potential effects on prices, liquidity and volatility remain uncertain. “At this stage, we do not see a clear benefit to AOI or our shareholders that would justify these uncertainties,” a spokesperson said. The company was also concerned that investors might falsely believe that it had sponsored or approved the offering. Apple, Nvidia and Amazon were among the companies that had not publicly objected to the Fortune report, although notices sent in early October gave them until early November to respond.

Hype of tokenization versus reality

Tokenized stocks have been promoted by everyone from BlackRock to Coinbase as the next big thing in crypto, as proponents say the technology can enable 24/7 trading, wider access to U.S. stocks, and much more. Of course, critics counter that a blockchain is not a technical requirement for these features and that much of the activity looks more like regulatory arbitrage by centralized entities seeking additional revenue than the so-called “democratization of finance.” Similar points have been raised regarding the industry’s heavy use of centrally issued stablecoins and corporate-controlled blockchains, two common themes both found in Circle’s Arc network, which bears an uncanny resemblance to the fictional Ecoin project from the TV series Mr. Robot.

For now, crypto platforms do not need proactive authorization from companies whose shares they wish to tokenize under the SEC’s innovation exemption, which was released last month after the Clarity Act stalled in the Senate. Instead, the platforms must inform the company, which then has 30 days to object. Erin Martin, a partner at Morgan Lewis and former senior SEC attorney, told Fortune, “If they don’t object within the 30-day notice period, the (venue) can go ahead and start tokenizing and listing these securities.” »

Martin also highlighted practical issues with the notice process, such as the risk that notices sent to a company’s main headquarters will be buried before reaching the legal team. An unanswered notice allows the platform to proceed after the deadline. SEC rules do not clearly state whether a company can reverse its decision after the window closes.

Additionally, an objection only blocks trading on that specific platform under the exemption. This does not prevent other companies from offering tokenized versions abroad or through different legal arrangements, as Robinhood has done. But these alternative approaches are not necessarily immune from legal scrutiny, as AMC has already challenged Robinhood for its AMC-linked tokens in the aforementioned litigation.

The SEC exemption also provides a five-year window for tokenized securities platforms to trade certain tokenized shares of the national market system without registering as national securities exchanges, provided that the tokens carry the same rights and privileges as the underlying shares, including dividends and voting rights.

Crypto companies continue to spend heavily on congressional campaigns in an effort to shape the rules in their favor in the future, as current SEC policy could be overturned by a future administration less enthusiastic about the technology. Industry campaign spending failed to secure passage of the Clarity Act in its current form, which would have solidified much of the federal government’s current position on crypto into law. But the legislation will likely be reviewed at some point. That said, it’s possible that Congress could take an even more adversarial stance toward the crypto industry at this time, thanks in large part to all of Trump’s massive crypto profits and the alleged corruption associated with those gains.



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