SEC Proposes Blockchain Shareholder Records Under Transfer Agent Rules
September 1 proposal would allow distributed ledgers as the official master securityholder file while keeping one transfer agent in control and requiring physical addresses.
On Sept. 1 the SEC proposed the first major overhaul of transfer-agent rules since the late 1970s and early 1980s, explicitly permitting blockchain or other distributed-ledger technology to serve as a company’s master securityholder file or part of it.
Control and identity requirements
A single registered transfer agent must retain exclusive control and responsibility for the accuracy, security, and regulatory production of the official record. Physical name and mailing address remain required; wallet addresses may supplement but cannot replace them.
Statements from the agency and industry
SEC Chairman Paul Atkins stated the proposal reflects growing use of electronic communications and blockchain in securities offerings and transfers. Registered transfer agent Securitize, which manages over $4 billion in assets, welcomed the change as consistent with its prior advocacy.
Next steps and open questions
Comments are due 60 days after Federal Register publication; no fixed publication date has been set. The exact text of the proposed amendments and any timeline for final adoption remain unknown.