Bloomberg: The cryptocurrency industry is accelerating the promotion of stock tokenization trading amid controversy

According to Bloomberg, the cryptocurrency industry's efforts to rewrite the way stock trading works are accelerating amid widespread opposition.

Represented by the tokenized stock platform in collaboration between OKX and the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, these products plan to allow stocks of U.S. listed companies to be traded in token form and extend trading hours. Robinhood has expressed support for its stocks to be listed on this platform, while companies like Apple and Meta have publicly opposed it, citing unauthorized reasons, and the number of publicly opposing listed companies has continued to increase since the end of October.

The controversy centers on three points: whether tokens are issued by a third party or authorized by the issuer, who maintains the shareholder register, and whether the token price will decouple from the underlying stock. Supporters believe this can lower the barriers to cross-border trading and extend trading hours to all day; opponents worry that investors may mistakenly view tokens as products endorsed by the company and question whether shareholder rights will be diluted.