Solana co-founder warns firms opposing tokenized stocks to go private
RWA Signal Insight
InfrastructureSolana co-founder Anatoly Yakovenko has challenged U.S. public corporations to embrace on-chain trading, suggesting that firms unwilling to support tokenized shares should consider delisting from public markets. This tension arises as approximately 33 major companies, including Apple, Microsoft, and Goldman Sachs, have formally exercised their right to object to their equities being traded on the OKXICE tokenized securities venue. Under the SEC’s Innovation Exemption Order, issuers have a 30-day window to block platforms from listing tokens linked to their shares, a mechanism designed to preserve issuer agency. While corporations cite concerns regarding shareholder rights, market oversight, and control over distribution, industry leaders argue that tokenization offers benefits like 24/7 access and expanded investor bases. Despite this corporate resistance, investor demand for tokenized equities is surging, with trading volume on the Robinhood Chain climbing from $526 million in July to $11.31 billion in September. The divide highlights a significant friction point between traditional corporate governance and the push for open, blockchain-based financial markets. Ultimately, the industry faces an ongoing educational challenge to prove the value of tokenization to skeptical issuers while navigating evolving regulatory frameworks.
Key points
- Approximately 33 major public companies have formally objected to their shares being tokenized on OKXICE.
- Robinhood Chain tokenized equity volume surged from $526 million in July to $11.31 billion in September.
- The SEC’s Innovation Exemption Order grants issuers 30 days to block tokenized trading of their securities.
- Solana co-founder Anatoly Yakovenko publicly advocated for mandatory corporate adoption of on-chain trading.
Background
Tokenized Securities Venues (TSVs) are platforms that allow investors to trade digital representations of traditional stocks on a blockchain. These tokens are typically backed by the underlying equity, enabling 24/7 trading and fractional ownership. The SEC's Innovation Exemption provides a limited, five-year regulatory sandbox for these venues to operate while maintaining specific investor protection requirements.