Tesla and SpaceX have joined the expanding list of businesses challenging the OKX-ICE tokenized stock trading initiative, bringing the total number of objections to 67. Other recent additions include Palantir, S&P Global, KLA, Super Micro Computer, and Meta. The latest figures indicate that 56 of the 62 companies originally selected for the project have opposed having their shares offered through the proposed platform.

The development has emerged shortly after Elon Musk commented on another ICE-supported blockchain project involving Hyperliquid. On October 29, Musk replied “Interesting” to billionaire investor Stanley Druckenmiller’s announcement about investing in Trade[XYZ], which is partnering with ICE to introduce Hyperliquid-powered perpetual futures to US markets.

Tesla and SpaceX Join Growing Pushback Against OKX-ICE Tokenized Shares

The increasing number of objections could complicate plans for the OKX-ICE tokenized stock platform. The proposed venture combines cryptocurrency exchange OKX with Intercontinental Exchange, the parent company of the New York Stock Exchange.

The platform is designed to offer blockchain-based representations of US-listed stocks, allowing users to trade beyond traditional market hours through stablecoins such as USDC. However, a growing number of companies are exercising their right to prevent third-party platforms from offering tokenized versions of their securities.

Tesla and SpaceX appeared in the November 2 notification from OKX-ICE, together with Amazon, Netflix, Lam Research, and SoFi Technologies. Additional companies have since filed objections, raising the overall count to 67.

The initial proposal featured 62 companies and 63 planned stock tickers. With 56 companies from that original group now opposing the listings, the initiative is facing substantial resistance from potential issuers.

The SEC’s temporary Innovation Exemption requires platforms to notify companies before introducing third-party tokenized versions of their shares. Issuers can challenge these listings within 30 days, potentially preventing the relevant securities from appearing on the platform.

These objections do not necessarily mean companies reject tokenization itself. Businesses can pursue their own blockchain-based securities offerings or establish partnerships with alternative trading providers.

According to the proposal, OKX-ICE intends to operate permissioned liquidity pools through OKX’s X Layer blockchain, with Uniswap v4 infrastructure supporting trading. Users would also need to complete identity checks and sanctions screening before participating.

The initiative seeks to combine blockchain-based settlement with extended trading hours. Nevertheless, the growing opposition raises uncertainty about whether the platform can secure access to a meaningful selection of major US equities.

Musk’s Hyperliquid Comment Draws Attention to Separate ICE Project

Tesla and SpaceX’s objections come at an interesting time, given Musk’s recent reaction to another blockchain initiative involving ICE.

On October 29, billionaire investor Stanley Druckenmiller disclosed his investment in Trade[XYZ] and indicated that he intended to use its products following its agreement with Intercontinental Exchange.

Musk responded to the announcement on X with a one-word comment: “Interesting.”

The separate collaboration aims to introduce perpetual futures trading in the United States using Hyperliquid technology. ICE is expected to provide regulated exchange and clearing infrastructure, while Trade[XYZ] will develop the markets using the blockchain network.

The proposed service is designed to support 24-hour perpetual contracts tied to cryptocurrencies, equities, commodities, and foreign exchange.

ICE is also making a strategic investment in Trade[XYZ], adding an institutional dimension to the growing market for blockchain-powered financial products.

The developments highlight the different challenges facing tokenized finance. While Tesla and SpaceX are opposing third-party tokenized stock offerings through OKX-ICE, Musk’s brief reaction to the separate Hyperliquid initiative has brought renewed attention to ICE’s broader expansion into blockchain-based markets.