SEC Transfer Agent Rulemaking Signals Regulatory Shift on Tokenization
The U.S. Securities and Exchange Commission has proposed the first significant update to transfer agent rules since the 1980s, modernizing frameworks that have remained largely unchanged for decades. The proposal directly addresses blockchain implications, including how agents must report share registers maintained on distributed ledgers through a new Form TA-2 questionnaire.
The rulemaking reflects the SEC's acknowledgment that securities infrastructure is moving onchain. The agency simultaneously scheduled a roundtable to examine 24-hour U.S. trading mechanisms, signaling consideration of how tokenized and blockchain-based settlement may alter market hours and continuous trading models. The proposal targets modernization of automated market infrastructure while establishing clearer recordkeeping standards for digital asset securities.
