Bloomberg: Crypto Industry Drives Tokenized Stock Trading, Accelerating Amid Controversy

on Nov. 11, Bloomberg stated that the crypto industry's efforts to reshape stock trading are accelerating amid mounting opposition.

A prime example is a tokenized stock platform co-developed by OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. These products aim to allow US-listed company stocks to be traded as tokens with extended trading hours. Robinhood has voiced support for listing its own shares on the platform, while companies including Apple and Meta have refused, citing lack of authorization. The number of publicly opposing listed companies has continued to rise since late October.

The controversy centers on three points: whether the tokens are issued by third parties or authorized by the issuers, who maintains the shareholder register, and whether token prices could decouple from the underlying equities. Supporters argue this will lower the barrier to cross-border trading and extend trading hours throughout the day; opponents worry investors may mistake the tokens for company-endorsed products, and question whether shareholder rights would be diluted.