Holy crap, 22 US-listed companies have collectively refused to tokenize their stocks! Google, Microsoft, and Goldman Sachs are among them. What are they afraid of? I checked OKXICE's latest official announcement, and the number of companies refusing to tokenize their stocks has increased from the initial 9 to 22. The complete list is as follows: ① Cerebras (CBRS) ② AppLovin (APP) ③ Applied Digital (APLD) ④ Rocket Lab (RKLB) ⑤ CoreWeave (CRWV) ⑥ Verizon (VZ) ⑦ Applied Optoelectronics (AAOI) ⑧ Broadcom (AVGO) ⑨ UnitedHealth (UNH) ⑩ Goldman Sachs (GS) ⑪ Microsoft (MSFT) ⑫ Qualcomm (QCOM) ⑬ Caterpillar (CAT) ⑭ McDonald's (MCD) ⑮ Western Digital (WDC) ⑯ Alphabet (GOOG/GOOGL) 6 new additions on October 23: ⑰ Arm (ARM) ⑱ Wells Fargo (WFC) ⑲ Moderna Moderna (MRNA) ⑳ Cisco (CSCO) ≑ Intuit (INTU) ≒ Marvell (MRVL) Why the Rejection? First, the most practical reason is the unequal distribution of benefits. Third-party platforms tokenize stocks, exchanges collect fees, market makers earn trading revenue, while listed companies cannot obtain new financing and face issues such as fragmented liquidity, price discrepancies, shareholder rights issues, and brand risks. In short, others reap the benefits, and problems could affect the company itself; naturally, the company doesn't want to be a guinea pig. Second, it may also involve the trading system of traditional markets. One of the most annoying risks for US stock retail investors is overnight trading; a sudden negative announcement after the market closes can cause a gap-down opening the next day, and even stop-loss orders may not be able to save you. If stocks could be traded continuously 24 hours a day, retail investors would at least have the opportunity to exit in time, without being forced to wait until the market opens. Third, the most noteworthy aspect is Wall Street's pricing power. If investors can directly use USDT and USDC to trade US stocks 24/7 on platforms like Binance and Hyperliquid, how will traditional brokerages, exchanges, and clearinghouses continue to monopolize customer access, trading volume, and capital accumulation? If large amounts of capital migrate to the blockchain, the existing fee structures and market power of financial intermediaries will have to be reshuffled.