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Johanna Collins-Wood, Bitwise’s head of legal for U.S. asset management, viewed the U.S. SEC’s proposed overhaul of transfer agent rules as a positive step for the tokenized stock market.
In a post on X, Collins-Wood said the SEC’s approach of updating existing securities rules in a technology-neutral way, rather than applying separate rules to crypto tokens, was the right one. Collins-Wood said the key issues are who maintains shareholder registries on blockchain, what rights token holders actually have, and how stock transfer rules apply. Collins-Wood added the SEC specifically proposed separate reporting for tokens directly involved in issuance by companies and tokens issued by third parties, as investors could face losses if a third-party issuer goes bankrupt.
Collins-Wood also said the SEC included 175 questions in the proposal and encouraged relevant market participants to submit comments by Nov. 3.