00:00 Speaker A
Joint venture of OKX and New York Stock Exchange parent Ice files for 24/7 tokenized US stock trading. OKX Ice. The joint venture of OKX and Ice plans to launch tokenized US stocks under SEC’s new innovation exemption.
00:13 Speaker A
So this is a 50/50 venture between OKX and the New York stock Exchange parent Ice. if you remember I reported in the past, invested in OKX and also took a board seat. So this is a new venture between the two of them and most notably why I think this is such big news is this is the first major attempt by anyone to my knowledge to use the SEC’s five-year innovation exemption that has been proposed, which is basically the guidance by the SEC on how companies can offer tokenized stocks.
00:39 Speaker A
There are a lot of limitations, there are a lot of rules. The initial list will have 63 stocks. Strategy Apple, Nvidia, Coinbase, Robin Hood, Circle, major banks, the big ones. What I find most notable here is that trading would run continuously, 24/7 365, through Uniswap liquidity pools on OKX’s X layer and trading on USDC, USDG and USDT pairs.
01:07 Speaker A
More notably, users would hold the assets in self-custodial wallets. Of course, access will still be permissioned, you would need identity verification, AML, KYC, all of that, but in your own self-hosted wallet. And these will not be the Robin Hood style representations of stocks.
01:21 Speaker A
As you know, with the innovation exemption, these stocks will have to be backed one for one by an actual share held through a registered broker dealer. Investors will receive dividends and voting rights just like they do on any stock. And of course, companies have 30 days as I’ve told you before to object to having their stock tokenized.
01:37 Speaker A
This is crazy. Think about this. This is where the innovation exemption finally becomes real, and you’re now of the owner of the New York Stock Exchange preparing to run stocks through stable coin funded Uniswap pools, using self-custodied wallets. This is not the crypto industry merely joining Wall Street. This is market structure replacing pieces of Wall Street itself. This is a hint into the future of what tokenization is going to look like when everything is tokenized and settled on crypto and blockchain rails.
02:04 Speaker A
This is going to be incredible. This stuff is moving so amazingly fast and I can’t wait to see what comes next. I’m just so here for it. It’s absolutely unbelievable.
