SEC tokenized stock plan targets the register, not the token: Bitget analyst

The U.S. Securities and Exchange Commission (SEC) has proposed a 60-day rulemaking process to modernize transfer-agent systems, specifically enabling the use of blockchain technology for maintaining official securities records. This initiative aims to update federal rules that have remained largely unchanged since the late 1970s, providing a regulatory framework for the digital plumbing required to track legal ownership of tokenized assets. While current offshore tokenized stock products often rely on synthetic or custodial structures that provide price exposure rather than direct ownership, this proposal seeks to connect tokens to authoritative transfer-agent registers. Bitget Research Chief Analyst Ryan Lee notes that this move is critical for establishing legal fungibility between U.S.-regulated shares and offshore counterparts. By integrating blockchain into the official record-keeping process, the SEC is addressing the operational infrastructure necessary for future institutional adoption. However, the proposal does not automatically grant token holders direct shareholder rights, such as voting or dividends, as substantive securities-law questions remain unresolved. The move highlights the growing importance of registry infrastructure, as evidenced by Bullish’s $4.2 billion acquisition of Equiniti to secure regulated transfer-agent capabilities. Ultimately, this regulatory shift represents a foundational step toward reconciling fragmented global ledgers and standardizing how tokenized equities are legally recognized.