According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) proposes to significantly modernize the regulatory rules for registered transfer agents, with the aim of updating regulations that have seen few substantial changes since the 1970s. The proposal covers electronic communications, digital record-keeping, tokenized securities, distributed ledger technology, risk control, and transfer agent reporting, among other topics. The proposal allows transfer agents to use distributed ledger technology in the principal security holder file, which remains the authoritative record of the registered owner, although blockchain will not automatically acquire legal status. The proposal also aims to revise existing rules and forms, repeal one rule, and introduce additional requirements. The SEC plans to publish the proposal in the Federal Register, and a public comment period will be open for 60 days after its release.