The U.S. Securities and Exchange Commission (SEC) has proposed a rule that would allow a blockchain to serve as the official record of who owns a security. The change is part of a broader update to transfer agent rules and is only a proposal, not a final law.
The SEC published its Transfer Agent Rules as a proposed rule in the Federal Register on September 4, 2026, under Release No. 34-106246 and File No. S7-2026-30. A transfer agent is the company that keeps track of who owns a company’s stocks and bonds. For related coverage, see Coinbase Restores Wallet Name as Base App Shifts to Trading.
What the SEC blockchain securities ledger proposal would change
Today, transfer agents keep ownership records in traditional databases. The proposal would let them keep those records on a blockchain instead. In simple terms, the blockchain could become the official master list of owners. For related coverage, see GoodDollar Reserves Lose Over $100K Through Superfluid Bug.
The key document is called the master securityholder file. The proposal’s Section III.B.2 says the updated definition would permit a transfer agent to use a blockchain or other distributed ledger as that master file, or a part of it. Importantly, it does not force anyone to use the technology.
This matters because the SEC is describing a change, not making one. The rule uses “would allow” language. It has not been adopted, voted into final form, or made effective.
The proposal fits a bigger cleanup. The release proposes amending Forms TA-1 and TA-2, adding new Rules 17ad-30 and 17ad-31, and rescinding the older Rule 17ad-4. This is part of a broader modernization of the rules that govern registered transfer agents.
What an official blockchain securities ledger would mean
An “official securities ledger” is simply the recognized record of ownership. If a blockchain holds that role, the chain itself becomes the source of truth for who owns what, rather than a separate spreadsheet.
Recognizing a ledger is different from other questions. The proposal deals with recordkeeping. It does not settle separate issues about how tokens are issued, how they trade, who holds custody, or how trades settle.
The proposal also sets conditions. The transfer agent must keep exclusive control over the master securityholder file at all times. It must also meet the standards in proposed Rule 17ad-7(f) for electronic recordkeeping systems.
The proposal does not endorse any specific blockchain or token. It is technology-neutral. Similar themes appear in coverage of an SEC proposal that could let public blockchains hold official shareholder records, and in reporting on SEC transfer agent rule changes for tokenized securities.
Industry figures have offered early reactions through news coverage. According to crypto.news, Eli Cohen, chief legal officer at Centrifuge, said allowing the blockchain itself to serve as the master securityholder file could reduce the need to reconcile separate ownership records.
Joris Delanoue, CEO of Fairmint, added a note of caution. According to crypto.news, Delanoue said blockchain-based securities would still need compliance controls, including identity and investor-eligibility checks and restrictions on transfers.
Some reports go further than the official text. According to unconfirmed reports, the proposal would eliminate duplicate off-chain shareholder records for all tokenized securities. The official document only permits a blockchain as the master file or a component, under conditions, so treat that broader claim with care.
Which proposal details still need confirmation
The most concrete date is the comment deadline. The official notice sets November 3, 2026 as the deadline for public comments, and it remains a proposal rather than a final adoption.
PUBLIC-COMMENT DEADLINE
November 3, 2026
The proposal would also add new disclosure duties. Proposed Form TA-2 Question 4(e) would require transfer agents to report the number of securities issues for which distributed ledger technology was used to maintain the master file during the reporting period.
A second reporting change looks at year-end totals. Proposed Form TA-2 Question 6(b) would require reporting the number of issues serviced, broken down by tokenization model, as of December 31 each year.
The SEC is actively seeking input on the details. In request for comment 50, it asks whether specific requirements or conditions should apply to using a blockchain or distributed ledger as a master file or a component of one.
Readers should watch for what comes next. The proposal must go through the comment period before the SEC decides whether to adopt, change, or drop it. Regulatory shifts like these arrive alongside other policy moves, such as India’s FIU seeking takedowns for 15 crypto providers.
For a regular crypto holder, the practical takeaway is simple. Nothing has changed yet, and this rule is about ownership records for regulated securities, not about buying or selling crypto tokens today.
Additional source references: source document 1.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
