SEC Proposes Blockchain-Friendly Transfer-Agent Rules for Tokenized Stocks
The US Securities and Exchange Commission (SEC) has proposed a rulemaking process to modernize transfer-agent systems for blockchain records. The proposal aims to allow transfer agents to use electronic communications and blockchain technology when handling securities offerings and share transfers.
According to Bitget Research Chief Analyst Ryan Lee, the key difference between traditional US market and offshore tokenized stock products is how ownership is recorded, not the token itself. Lee explained that the SEC's proposal targets the systems supporting securities ownership, rather than the legal status of tokenized shares themselves.
The proposal would update federal rules and forms governing registered transfer agents, which have not received a substantial update since the late 1970s and early 1980s. The changes would cover registration, reporting, recordkeeping, and safeguards for securities and funds.
Bitget recorded $1.16 billion in tokenized-stock volume from June 2 to July 19, with most of the activity centered on semiconductor and technology companies. Lee noted that the figures indicate demand for efficient trading in selected high-momentum names, but emphasized that moving from price access to direct ownership would require clear rules governing legal title and shareholder rights.
Lee also pointed out that shared records could make tokenized shares interchangeable between US-regulated and offshore counterparts, but noted that regulators would first need to recognize the cross-border recognition of tokens representing US-registered securities as the same security when held through an offshore platform.