SEC Proposes Amendments to Transfer Agent Rules to Include Blockchain Technology

The U.S. Securities and Exchange Commission (SEC) proposed significant amendments to transfer agent rules on September 1, marking the first major revision since the 1970s. The plan aims to incorporate blockchain technology into the securities registration and settlement system. The proposal indicates that transfer agents could use distributed ledger technology to record and transfer securities, while avoiding the fragmentation of ownership data caused by the coexistence of token wrapping, special purpose vehicles, broker-dealer internal ledgers, and offline databases. Institutions like Fairmint advocate for using on-chain equity structure tables as the official ledger required by Section 17A of the Securities Exchange Act.

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