SEC · The Block
SEC seeks to update its 1970s-era transfer agent rules for the blockchain age
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The U.S. Securities and Exchange Commission is seeking to update its rules for transfer agents to keep pace with new technology, including blockchain and tokenization.
Key facts
- The U.S. Securities and Exchange Commission is seeking to update its rules for transfer agents to keep pace with new technology, including blockchain and tokenization
- On Tuesday, the SEC proposed changes to its transfer agent rules, which it says have not been significantly updated since the rules were proposed in the late 1970s
- This proposal would streamline and modernize the Commission’s rules to reflect transfer agents’ current processes and operations, including the use of electronic communications and blockchain
- SEC Commissioner Hester Peirce, who will be at the agency for the next several weeks, said she was happy to see the rule change before leaving
Summary
The U.S. On Tuesday, the SEC proposed changes to its transfer agent rules, which it says have not been significantly updated since the rules were proposed in the late 1970s. "This proposal would streamline and modernize the Commission’s rules to reflect transfer agents’ current processes and operations, including the use of electronic communications and blockchain technology in connection with securities offerings and the transfer of shares," said SEC Chair Paul Atkins in a statement. The rule changes would "modernize" certain terminology "in light of technological advancements" and update rules on the use of electronic systems, according to a fact sheet. The changes come as transfer agents increasingly operate in electronic markets and alongside emerging technologies such as tokenized securities and artificial intelligence.