According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) proposed on September 1st the first major update to the securities transfer agent rules since the late 1970s to adapt to the transition from paper records to electronic data. SEC Chair Gary Gensler stated that the rules should reflect the current and future actual operating methods of securities transfer agent institutions, including the use of blockchain technology in securities issuance and share transfers. Securities transfer agent institutions are responsible for maintaining official records of securities ownership, processing transfers and restrictive markings, and collaborating with the National Securities Depository and Clearing Corporation of America to participate in the national clearing and settlement system.