SEC Proposes First Transfer-Agent Rule Update in Decades
The proposal recognizes blockchain’s role in securities record-keeping, but leaves a central question for tokenized markets: which ledger is the official record of ownership?
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The proposal recognizes blockchain’s role in securities record-keeping, but leaves a central question for tokenized markets: which ledger is the official record of ownership?
If adopted, blockchain could replace duplicate onchain and offchain ownership records, cutting reconciliation work and legal uncertainty while keeping transfer-agent controls in place.
Regulated transfer agents keep the gatekeeper role, but the underlying ledger can now run on a public chain, formalizing the path $4B-AUM firms like Securitize have already been pushing.
The transfer-agent rewrite is the structural beat: decades-old rules updated to recognize blockchains as official share registries, alongside a Sept. 17 roundtable testing whether U.S.
The proposal brings blockchain into the infrastructure layer behind securities ownership and transfers, with implications for tokenized real-world assets and institutional digital-asset markets.
The 421-page proposal would bring tokenized securities, distributed ledgers and AI controls into a rulebook largely unchanged since the late 1970s. Comments are due in 60 days.