Under the framework, venues must notify issuers and give them 30 days to object before offering tokenized versions of their shares.

All four newly disclosed objectors were among the 62 companies in OKXICE’s original proposed roster. That brings objections from the original selection to 23, or about 37%, according to a CoinDesk tally. The overall count also includes Cerebras Systems, Arm Holdings and Wells Fargo, which were absent from that from the original selection.

The growing list of objections highlights early issuer caution about plans to trade their shares under the SEC’s new framework. The rules give companies a say in how their shares come onchain, but also tilts the decision toward opting out, industry experts told CoinDesk’s Tokenization Weekly. Objecting costs nothing, while staying silent allows trading to begin without a mechanism to withdraw that consent later. For legal and investor-relations teams still getting familiar with the arrangements, saying no leaves more time to understand them.

The financial benefit for issuers is also uncertain yet. Tokenization could bring additional demand, particularly from overseas investors, but that may not be enough to offset concerns about thin, round-the-clock trading outside the familiar market structure, TD Securities’ Reid Noch previously told CoinDesk.