CRACKS are showing in TOKENIZATION The race to tokenize TRILLIONS in assets is becoming a battle over who gets to do it. Nasdaq, a rival of ICE-owned NYSE, is reportedly urging issuers listed on its exchange to OPPOSE the plan. 38 companies have now objected, 22 of which are *Nasdaq-listed. 1. IBM 2. Intel* 3. AMD* 4. IonQ 5. Intuit* 6. Cigna 7. Adobe* 8. Oracle 9. Verizon 10. Eli Lilly 11. Sandisk* 12. Carnival 13. Walmart* 14. Moderna* 15. Alphabet* 16. AppLovin* 17. Broadcom* 18. Microsoft* 19. Coca-Cola 20. Caterpillar 21. CoreWeave* 22. Qualcomm* 23. Rocket Lab* 24. Wells Fargo 25. McDonald’s 26. Arm Holdings* 27. Arcos Dorados 28. Cisco Systems* 29. Applied Digital* 30. Western Digital* 31. Goldman Sachs 32. JPMorgan Chase 33. Applied Materials* 34. Dell Technologies 35. Cerebras Systems* 36. Marvell Technology* 37. UnitedHealth Group 38. Applied Optoelectronics* That's $19.4 TRILLION worth of assets pushing back. Nasdaq warned about trading outside traditional market safeguards and doesn't plan to launch a venue under the SEC’s tokenization exemption. Instead, it is building its own tokenization model with Kraken’s parent Payward, targeting Q2 2027.