Why McDonalds, Microsoft and Google saying no to tokenized stocks isn't a dealbreaker

Some of the world's biggest companies objected to being listed on the first tokenized securities trading venue under the SEC's innovation exemption. But the early pushback may say more about issuer caution than about rejection of tokenization itself.

The top 3

1. Why is the current opt-out rate so high?: The SEC exemption requires issuers to object within 30 days of notice; silence is treated as an irrevocable decision to allow trading. Because companies receive little prior warning, legal teams default to 'no' to avoid unintended legal or operational risks regarding dividend distribution and shareholder voting.
2. Is the objection based on the technology itself?: No; evidence suggests objections stem from concerns over market structure fragmentation and a lack of clear value proposition. Even supporters of tokenization, such as Nasdaq, have objected to this specific venue because it operates outside the established National Market System (NMS), potentially lacking necessary safeguards like consolidated-tape reporting.

Sources

• CoinDesk

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