📊 The SEC has rewritten 40 years of unmoved securities registration rules for blockchain.
America’s securities “roster” is called the transfer agent. Which securities are registered in whose name, and issuance, cancellation, and transfer—all of it is handled by them. The last time this rule set was seriously revised was in the early 1980s.
On September 1, the SEC dropped a 421-page proposal, the first rewrite in 40 years. Throughout the document, blockchain and tokenized securities appear over and over.
What exactly is it trying to do? The new Form TA-2 will require transfer agents to report how many securities have their holder master ledger directly sitting on a distributed ledger. Tokenized securities are split into two categories: those issued by the issuer itself and those issued by a third party. The SEC says the risks of these two categories are different. Tokenized transfer agents and platforms running distributed ledgers are now formally listed alongside banks and printing plants in the service provider category.
Chair Atkins said the new rules should reflect transfer agents using "electronic communications and blockchain technology." Hester Peirce said the proposal has been in the making for more than ten years, and specifically called for comments on the tokenization part.
My take. A transfer agent is the securities world’s property registration office—the bottom-level ledger where it records who holds what stock. The SEC being willing to write an on-chain ledger into this layer of infrastructure is effectively an acknowledgment that tokenized securities are about to enter the main stage. With 40-year-old rules finally moving, Wall Street’s ledger really is heading on-chain.
$BTC $ETH
#中本聪国际社区Baoluo币商资本 #SEC #tokenization
America’s securities “roster” is called the transfer agent. Which securities are registered in whose name, and issuance, cancellation, and transfer—all of it is handled by them. The last time this rule set was seriously revised was in the early 1980s.
On September 1, the SEC dropped a 421-page proposal, the first rewrite in 40 years. Throughout the document, blockchain and tokenized securities appear over and over.
What exactly is it trying to do? The new Form TA-2 will require transfer agents to report how many securities have their holder master ledger directly sitting on a distributed ledger. Tokenized securities are split into two categories: those issued by the issuer itself and those issued by a third party. The SEC says the risks of these two categories are different. Tokenized transfer agents and platforms running distributed ledgers are now formally listed alongside banks and printing plants in the service provider category.
Chair Atkins said the new rules should reflect transfer agents using "electronic communications and blockchain technology." Hester Peirce said the proposal has been in the making for more than ten years, and specifically called for comments on the tokenization part.
My take. A transfer agent is the securities world’s property registration office—the bottom-level ledger where it records who holds what stock. The SEC being willing to write an on-chain ledger into this layer of infrastructure is effectively an acknowledgment that tokenized securities are about to enter the main stage. With 40-year-old rules finally moving, Wall Street’s ledger really is heading on-chain.
$BTC $ETH
#中本聪国际社区Baoluo币商资本 #SEC #tokenization
