The Securities and Exchange Commission on Tuesday proposed the first substantive rewrite of its transfer agent rules since the early 1980s, in a 421-page release that repeatedly addresses blockchain recordkeeping and tokenized securities. New reporting questions would require agents to disclose how many issues have their master securityholder file on a distributed ledger, splitting tokenized issues into issuer-sponsored and third-party-sponsored categories. Commissioner Hester Peirce said the proposal was more than a decade in the making and invited comment on its implications for tokenization. Market participants are actively seeking to bring blockchain-native transfer agents into the U.S. market. The comment period closes 60 days after publication in the Federal Register.
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