63 Tokenised US Equities: OKX and NYSE Parent ICE File Application with SEC

Crypto exchange OKX and Intercontinental Exchange Inc. (ICE), the parent company of the New York Stock Exchange (NYSE), filed an application with the US Securities and Exchange Commission (SEC) on 4 October 2026 for a joint trading platform on which 63 tokenised US equities are to be traded. The joint venture OKXICE is structured as a 50-50 partnership between the two firms; they announced it on 22 June 2026.

NYSE and ICE had already publicly announced the development of the underlying platform on 19 January 2026. According to the parties involved, it would be the first regulated trading platform for tokenised equities in the US operating under an explicit federal regulatory exemption. The SEC has not yet decided on the application.

24/7 Trading with Stablecoins and Instant Settlement

The platform combines the Pillar matching engine of the NYSE with blockchain-based post-trade systems. The technical concept envisages continuous trading around the clock, where investors can buy and sell US equities and exchange-traded funds (ETFs) with stablecoins. A stablecoin is a cryptocurrency whose value is pegged to a stable reference value such as the US dollar.

The tokenised equities are intended to convey the same rights as traditional equities, including dividend claims and voting rights. The platform enables fractional shares and accepts orders in dollar amounts rather than whole numbers. Settlement occurs instantly via tokenised capital, whereas traditional equity transactions in the US have regularly required one business day (T+1) for final settlement since May 2024.

SEC Innovation Framework as Legal Basis

The application relies on the so-called Innovation Exemption of the SEC, which came into force on 17 September 2026. This exemption allows Tokenized Securities Venues (TSV) – a new category of trading platforms for tokenised equities – for a period of five years to tokenise and trade equities from the National Market System (NMS). The NMS encompasses all securities listed on national US exchanges.

The regulation permits trading via permissioned Automated Market Makers (AMMs) and liquidity pools. Unlike traditional exchanges, which consolidate buy and sell orders in an order book, AMMs use algorithms that calculate prices based on pooled assets.

The 63 companies named in the application receive a 30-day opt-out period during which they can object to the tokenisation of their equities. The actual launch of the platform depends on how many companies remain involved after this period expires.

Clearing Infrastructure for Global 24/7 Operations

ICE is preparing its clearing infrastructure for continuous operations. To do this, the company is working with, among others, BNY (NYSE: BK) and Citi (NYSE: C) to support tokenised deposits across its clearinghouses. The infrastructure is designed to enable clearing members to transfer and manage funds outside traditional banking hours.

ICE operates six clearinghouses globally, including the largest clearinghouse for energy transactions and credit default swaps. The adaptation of the systems aims to cover margin obligations and funding requirements across different jurisdictions and time zones.

Strategic Context and Leadership

Lynn Martin, President of the NYSE Group, described the tokenised securities platform at its announcement on 19 January 2026 as part of a broader digital strategy by ICE that relies on fully blockchain-based solutions. Michael Blaugrund, Vice President for Strategic Initiatives at ICE, called tokenised securities a central step in the company's strategy to operate on-chain market infrastructure for trading, settlement, custody and capital raising.

Andrew Cuomo, former Governor of the US state of New York, publicly announced the filing in a post on X. He has been Co-Chair of the joint venture since its announcement in June 2026 – together with Trabue Bland, Senior Vice President for Derivatives Exchanges at ICE – and moved to the supervisory board of OKX in July 2026, transitioning from an advisory role.

Market Environment and Outlook

The OKXICE application is the first major use case of the new SEC regulation by a significant crypto exchange. The exemption serves as a testing mechanism before the regulator possibly issues permanent rules for tokenised equities. The five-year term of the exemption gives the SEC time to observe the practical effects and assess the readiness of issuers and investors.

The platform is designed for all qualified broker-dealers and is intended to support, alongside tokenised versions of traditionally issued securities, natively digital securities tokens. The operators emphasise alignment with established market structure principles and regulatory standards.