SEC Proposes First Transfer-Agent Overhaul Since 1970s

The SEC proposed the first major update to transfer-agent rules since the late 1970s, explicitly recognizing blockchain use for securities record-keeping. Chair Paul Atkins said rules should reflect how agents work today. The proposal avoids a separate crypto charter, integrating distributed ledgers into the existing Section 17A framework. The author warns fragmented token ledgers could recreate the 1960s Paperwork Crisis.