SEC proposes transfer agent rule, sets event to figure out round-the-clock U.S. trading
The U.S. Securities and Exchange Commission issued an agenda for its 24-trading roundtable and proposed a new transfer-agent rule with blockchain implications.
The US Securities and Exchange Commission has proposed a new rule for transfer agents, which would update requirements that have been largely unchanged since the 1980s. The proposal aims to address the increasing use of blockchain-based recordkeeping, tokenized securities, and automated market infrastructure.
The proposed rule would modernize registration, recordkeeping, safeguarding, and securities transfer requirements, while introducing new rules to mitigate risks associated with digital and automated market infrastructure, such as cybersecurity and operational resilience.
According to Cointelegraph, the SEC noted that market participants are seeking to bring blockchain-native transfer agents into the US market, and the existing framework does not adequately address these developments. The proposal would impose expanded reporting requirements and new compliance standards on transfer agents.
Brief written by urgent.news from CoinDesk, Cointelegraph — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
