SEC Wants Blockchains to Count as Official Records for Securities

SEC proposes first major transfer agent overhaul since the 1970s

The U.S. Securities and Exchange Commission (SEC) proposed new rules for registered transfer agents on 1 September 2026. Transfer agents keep the official records of who owns a company's securities, and they process changes in ownership. They form a core part of the national clearance and settlement system that supports U.S. markets. The agency framed the plan as a way to keep that system safe and efficient as recordkeeping shifts from paper to electronic systems. The Commission said transfer agents now handle a wider range of functions than its old rules cover. Those rules have not been substantively updated since the first versions were adopted in the late 1970s and early 1980s.

Proposal would let blockchains serve as official records

The proposal would let transfer agents use electronic communications and blockchain technology when firms offer securities and transfer shares. It would allow blockchains to act as official records of transactions, including for tokenized securities. Reports on the filing said firms using blockchains would disclose how many tokenized securities they hold and which networks they use. According to The Block, the proposal also adds new operational requirements for these firms, including on cybersecurity. The SEC said the package would amend existing rules, rescind one rule, and add new rules for registered transfer agents.

"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.", 1 September 2026. — Paul S. Atkins, Chairman, U.S. Securities and Exchange Commission

The comment period runs 60 days after publication

The proposing release appears on the SEC website and will also run in the Federal Register. The public comment period stays open for 60 days after that publication date. The agency asked for feedback on how the changes would affect issuers, investors, and other market intermediaries. The SEC will review the responses before it decides whether to finalize the rules. Jamie Selway, who leads the SEC's Division of Trading and Markets, tied the update to broader efforts to modernize the agency's framework.

"As technology changes and the competitive marketplace evolves, good government requires revisiting legacy rules and regulations. This proposal is another important step in Chairman Atkins' efforts to advance our regulatory framework for the modern era.", 1 September 2026. — Jamie Selway, Director, Division of Trading and Markets, U.S. SEC

Injective, Securitize and tZERO already hold transfer agent status

Several firms in the tokenization market already carry SEC transfer agent registration. Injective Institutional Services registered as a transfer agent on 19 August 2026. The company plans to connect the role to Injective Mint, its platform for issuing and managing tokenized assets. Securitize describes itself as a vertically integrated tokenization provider, with SEC-registered units spanning a transfer agent, a broker-dealer, and an alternative trading system (ATS). tZERO likewise holds transfer agent status. That status gives them a regulated way to maintain securities ownership records and process ownership changes on blockchains.

INJ traded near $4.86 at the time of publication

INJ, the token tied to the Injective network, traded at $4.86 at the time of publication (CoinPaprika, 2 September 2026). The price fell about 2.1% over the prior 24 hours and about 12% over the past seven days. Injective held a market value near $475 million. The token's move sits apart from the rule proposal, which affects recordkeeping rather than any single asset.

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