Solana co-founder Anatoly Yakovenko has challenged public companies resisting blockchain-based stock trading, arguing that they must adapt to changing financial markets.
His remarks highlight growing tensions between traditional corporations and crypto-native platforms seeking to expand access to tokenized equities.
While investor interest in tokenized stocks continues to rise, several major U.S. companies have opposed trading arrangements involving their shares. The dispute raises questions about corporate control, shareholder protection, and the future of securities trading.
Yakovenko challenges companies resisting tokenized stock trading
Yakovenko argued that companies benefiting from public listings should accept the obligations that accompany them. He maintained that corporations opposing how their shares trade should consider leaving public markets altogether.
His comments come as more than 30 major companies have objected to trading their equities through OKXICE, a joint venture between OKX and Intercontinental Exchange.
The companies opposing the initiative include Goldman Sachs, Microsoft, Qualcomm, Caterpillar, McDonald’s, Apple, Western Digital, and Alphabet. Other prominent names include Wells Fargo, Coca-Cola, JPMorgan, Dell, Advanced Micro Devices, Intel, AppLovin, and CoreWeave.
Although most companies have not publicly explained their objections, industry executives have identified several potential concerns. These include losing control over tokenized shares, unclear voting rights, investor protection, and continuous trading outside traditional market hours.
Mirza Uddin, chief operating officer of Injective, said companies such as Goldman Sachs and Microsoft may see more risks than benefits in tokens operating beyond their control. He argued that the industry must demonstrate clear advantages to encourage wider corporate participation.
SEC rules give issuers a window to object
The U.S. Securities and Exchange Commission introduced an Innovation Exemption Order in September, establishing a limited framework for testing tokenized securities. Under the framework, tokenized securities venues must notify unaffiliated issuers in advance, giving companies 30 days to submit written objections.
The exemption lasts five years, allowing market participants to test blockchain-based securities trading under the framework. However, it does not remove every regulatory requirement.
The objection mechanism creates a significant hurdle for platforms seeking to offer tokenized U.S. stocks. When an issuer objects, a venue cannot proceed with the proposed trading under this framework.
Dave Hendricks, chief executive of SEC-registered digital transfer agent Vertalo, said the objections demonstrate that the regulatory safeguards are working. He explained that the SEC designed the 30-day window to preserve issuers’ ability to exercise control over their participation.
Securitize chief executive Carlos Domingo also said companies had legitimate concerns about pricing, investor protection, and shareholder rights. He added that issuers need to understand their options, including approaches that allow companies to sponsor their own tokenization initiatives.
Meanwhile, ClearStreet analyst Owen Lau expects corporate adoption to develop over time. He identified expanded investor access, round-the-clock trading, and wider distribution as potential benefits, particularly for undervalued stocks with low trading volumes.
OKXICE co-chairman Andrew Cuomo said the venture expected many companies to wait and observe how the initiative developed. Meanwhile, TSV LLC and Perpetuals.com have also submitted notices of intent to launch tokenized securities venues under the SEC exemption.
Tokenized equity trading gains momentum
Despite corporate resistance, tokenized equity trading continues to attract investors. Trading volume on Robinhood Chain increased from $526 million in July to $2.21 billion in August, before reaching $11.31 billion in September.
Non-crypto markets also accounted for 36.5% of Hyperliquid’s perpetuals trading volume during the quarter, compared with 32.7% in the previous quarter. Meanwhile, tokenized stocks recorded the fastest growth among asset categories on Solana.
These figures underscore the growing demand for blockchain-based access to traditional financial assets. However, Yakovenko’s challenge highlights a central obstacle: platforms must address corporate concerns before tokenized stocks can expand under the current U.S. framework.
The next phase of adoption will depend on whether issuers accept new trading models or continue opposing third-party platforms. Industry participants must demonstrate how tokenization can expand market access while protecting shareholder rights and maintaining regulatory oversight.
