According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) has proposed major reforms to the transfer agents for tokenized securities, marking the first such significant rule revision in over forty years. The existing requirements for transfer agents date back to the 1970s and 1980s, when investors typically held paper certificates and companies manually handled changes in ownership. Under the proposal, plans are in place to update regulations regarding the registration of transfer agents, reporting, record-keeping, processing times, and the protection of customer funds. The proposal also introduces supervisory requirements for restricted markers, payment agent activities, and third-party service providers. Market participants are actively seeking to introduce blockchain-native transfer agents into the U.S. market. According to regulatory authorities, companies are developing blockchain-based systems for ownership records, management of tokenized funds, and cross-chain interoperability.