ME News reports that on September 11 (UTC+8), the U.S. Securities and Exchange Commission (SEC) last week proposed a new rule to comprehensively revise transfer agent regulations that have been in place for decades, explicitly permitting electronic databases—including blockchain ledgers—as official records of securities ownership for the first time. If approved, blockchain could become the “master securities record,” replacing the off-chain parallel ownership records currently relied upon by tokenized securities. Many tokenized securities currently operate on two separate records: an on-chain token ledger and the official shareholder register. Upon adoption of the proposal, issuers and transfer agents may no longer need to maintain duplicate records or reconcile them after each transfer, thereby reducing operational friction and the risk of discrepancies between on-chain records and legally recognized records. Eli Cohen, Chief Legal Officer at the tokenized fund platform Centrifuge, stated that the proposal could transform the current “two-step” process into a “one-step” process, allowing the blockchain itself to serve as the master securities record. However, the proposal does not imply that tokenized securities are fully “permissionless.” Joris Delanoue, CEO of Fairmint, a SEC-registered on-chain transfer agent, noted that while the blockchain can remain open, assets must still comply with ownership and transfer rules, and regulatory controls such as identity verification and transfer restrictions remain embedded within the tokens. Transfer agents will still handle administrative matters such as shareholder death, inheritance, and legal notices, with processing times potentially reduced from 3–5 days to just 1 day. The 60-day public comment period for this proposal will end in early November. (Source: ChainCatcher)
U.S. SEC Proposes Rule Changes to Permit Blockchain Ledgers as Official Securities Records
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Summary
On September 11, 2026, the U.S. SEC proposed allowing blockchain ledgers to serve as official securities records, addressing the securities versus commodities debate. The rule change would permit blockchain to function as the primary record of ownership, eliminating the need for off-chain ledgers. Centrifuge’s Eli Cohen described it as a step toward unifying transfers. CFT compliance remains essential, with identity verification and transfer limits embedded directly into tokens. Transfer agents would continue to handle legal notices and inheritance, but with faster processing times. The 60-day comment period ends in early November.
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