Walmart, Microsoft and JPMorgan Resist NYSE-Backed Push to Tokenize Their Shares

A group of 38 companies has objected to a tokenization initiative tied to NYSE, with rival exchange lobbying also alleged.

Walmart, Microsoft and JPMorgan have pushed back against a tokenization venture backed by NYSE, according to a report from CryptoSlate. The three companies are reportedly part of a larger group blocking the effort, which would involve issuing tokenized representations of their publicly traded shares.

A separate report from crypto.news puts the number of objecting companies at 38. That report refers to the venture in connection with a project described as OKXICE, and notes claims that Nasdaq has been lobbying against the initiative. The two reports describe overlapping events but differ on some specifics, including how the venture is named and framed.

Tokenization of equities has become a flashpoint in the broader debate over how traditional finance intersects with blockchain infrastructure. Proponents argue tokenized shares could offer faster settlement, broader access and round-the-clock trading. Critics, including some of the companies named in these reports, appear concerned about consent, custody arrangements and unresolved regulatory questions.

At issue is whether an exchange or venture can create tokenized versions of a company's stock without that company's direct approval. Publicly traded firms typically have limited control over how shares already issued are traded on secondary markets. Tokenization introduces a new layer, since it involves wrapping or mirroring shares in a blockchain-based instrument that may trade outside conventional clearing and settlement systems.

The involvement of NYSE in backing such a venture is notable given the exchange's traditional role as a listing venue rather than a tokenization platform. If Nasdaq is indeed lobbying against the effort, as the crypto.news report claims, that would frame this dispute partly as competition between major exchanges over who controls the next phase of market infrastructure, rather than solely a disagreement between issuers and a tokenization provider.

Regulators have not settled clear rules for tokenized versions of listed equities in the United States. Securities regulators have signaled interest in digital asset market structure generally, but specific guidance on tokenized shares of companies like Walmart, Microsoft and JPMorgan remains limited. That regulatory gap leaves room for disputes like this one, where issuers, exchanges and tokenization ventures can disagree over authority and process before any formal rulebook is in place.

Market Impact

If large, well-known companies continue resisting unauthorized tokenization of their shares, it could slow momentum behind tokenized equity products that rely on major listed names for credibility. Exchanges and ventures pursuing tokenization may need explicit issuer cooperation going forward, which could lengthen timelines for bringing such products to market.

The reported friction between exchanges, if the lobbying claims hold up, also signals that competition over tokenized market infrastructure is intensifying. Investors watching the tokenization sector should expect continued uncertainty until regulators or the companies involved clarify consent requirements and oversight responsibilities.

The dispute highlights unresolved questions about consent and control as tokenized equities move from concept toward broader adoption, with issuers, exchanges and regulators still working out where authority lies.

Frequently Asked Questions

What exactly are Walmart, Microsoft and JPMorgan objecting to?

According to CryptoSlate, the companies are blocking a venture backed by NYSE that sought to create tokenized versions of their publicly traded shares.

How many companies are involved in this opposition?

crypto.news reports that 38 companies have opposed the tokenization effort, a broader figure than the three companies named in the CryptoSlate report.

Is Nasdaq actually involved in this dispute?

crypto.news reports claims that Nasdaq has lobbied against the venture, but this has been described as a claim rather than a confirmed fact.

Why does tokenizing a company's shares require its cooperation?

Issuers have raised concerns about custody, consent and regulatory treatment when a third party creates blockchain-based instruments tied to their stock without direct approval.

Does U.S. regulation clearly address tokenized equities?

Specific regulatory guidance for tokenized versions of listed company shares remains limited, which has left room for disagreements like this one between issuers and exchange-backed ventures.