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Blockchain News: The U.S. Securities and Exchange Commission (SEC) proposes using blockchain-based ownership records to manage tokenized stocks. The plan is expected to reduce duplicate recording and reconciliation issues, but transfer agents will still need to maintain necessary control and transfer records.
SEC proposes to modernize transfer agency rules
The latest blockchain developments show that the U.S. Securities and Exchange Commission proposed to modernize its long-standing transfer agency rules in early September. The SEC press release announced that the update will "reflect transfer agents 'current processes and operations, including the use of blockchain technology... in securities issuance and share transfers."
On-chain registers and tokenized stocks
Under the draft regulations, transfer agents can keep their major security-holder documents on the blockchain. The SEC proposal would allow electronic databases, including blockchain ledgers, to serve as official records of securities ownership. From a practical perspective, this will allow a properly governed blockchain ledger to replace the parallel off-chain shareholder register currently maintained by tokenized stocks. If approved,"blockchain could become a 'primary security document' replacing the parallel off-chain ownership records that tokenized securities still typically rely on today."
Current practice is to maintain two records: the on-chain token ledger and the traditional register maintained by transfer agents. Lawyers currently implicitly recognize the latter as the legal owner of the shares. Under the SEC's proposal, blockchain could become an authoritative source, eliminating the need for expensive reconciliations.
The proposed change is expected to eliminate duplicate off-chain shareholder records, reduce the need for reconciliation, and help clarify legal ownership of tokenized securities. The SEC said the proposed amendment aims to modernize transfer agency rules for electronic and blockchain-based records while retaining required controls and records.
Even with a blockchain registry, tokenized stocks will still be subject to securities laws. Blockchain news reports on Wall Street emphasize that transfer agents will still enforce rules such as ownership qualifications and handle mailings, dividends and inheritance matters. It is worth noting that the proposal will recognize blockchain wallet addresses as valid contact information for securities holders. But using blockchain does not mean open access to tokens: in any on-chain system, authentication and transfer restrictions will be "built into the token."
Industry momentum and next steps
This move is consistent with broader industry trends. On September 10, Nasdaq announced that its venture capital arm would invest $100 million in Payward (Kraken's parent company) to expand its tokenized stock infrastructure. 
Source: Mario Nawfal (X)
Nasdaq pointed out that its funds will support "Nasdaq Equity Tokens" on Payward's xStocks platform, which is expected to begin trading in mid-2027.
Formal SEC rulemaking will take place after the public comment period. The agency's press release said comments would remain open for 60 days after publication in the U.S. Federal Register.
