The SEC has proposed a major overhaul of U.S. transfer agent regulations, an area that has seen little change in nearly four decades. The proposal updates requirements for registration, reporting, recordkeeping, and transfer processing while recognizing blockchain technology and electronic records. Transfer agents could maintain ownership files and process transfers through distributed ledgers under the new framework. The SEC also raises the expansion-limitation threshold from 75% to 95%, requiring 90% of routine items to be completed within three business days. This reform aims to give tokenized securities clearer regulatory footing while maintaining core investor protections.
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