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The U.S. Securities and Exchange Commission is proposing to overhaul rules governing transfer agents to allow securities ownership to be officially recorded on blockchain.
On September 1, the SEC unveiled proposed amendments to modernize decades-old transfer agent rules to reflect blockchain technology and tokenized securities. Transfer agents maintain records of securities ownership. If adopted, the changes would allow them to use blockchain as an official recordkeeping method for securities ownership.
The SEC also plans to strengthen related reporting requirements. Transfer agents would have to report to the agency the number of tokenized securities they manage and the blockchain platforms used for those securities.
The proposal would provide an institutional framework for moving the U.S. securities market on-chain. It is particularly notable because it would establish a regulatory basis for recognizing blockchain as an official ownership ledger in the issuance and distribution of tokenized securities.
#Blockchain
#Crypto Regulation
#Policy
#Security Token
Source: en.bloomingbit.io