According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) is shifting its focus to the less prominent aspects of Wall Street's infrastructure as securities begin to transition towards blockchain. A proposal released on September 1st aims to completely reform the registration transfer agent rules, which have not undergone substantial updates since the late 1970s and early 1980s. The revised rules will integrate electronic records and blockchain-based processes into a framework designed for different markets. Transfer agents are responsible for maintaining records showing who owns the issuer's securities and handling changes when these securities are transferred between investors. This makes them increasingly relevant in the context of tokenization. SEC Chair Paul Atkins explicitly linked this proposal to this transition, stating that the revised rules will reflect current practices, including the use of electronic communications and “blockchain technology” in securities issuance and share transfers.