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SEC proposes transfer-agent rule with blockchain and plans 24-hour trading talks
The SEC’s Sept. 17 roundtable will examine overnight surveillance, clearing, and settlement mechanics for continuous trading.
The U.S. Securities and Exchange Commission plans a roundtable this month on whether the wider securities markets could move toward 24-hour trading, according to CoinDesk. The Sept. 17 event in Washington will bring together major securities market participants, including NYSE, Nasdaq, State Street, Citadel Securities, Cboe and DTCC, as well as Robinhood.
CoinDesk reports the SEC said the roundtable will cover how to handle overnight surveillance, closing price practices, and the clearing and settling of trades, including maintenance considerations for a continuous trading system. The agency also signaled that the push toward continuous trading could shape rulemaking that affects crypto broker-dealers.
Separately, the SEC proposed a rule aimed at revising how transfer agents operate, explicitly incorporating blockchain technology into the traditional role. Transfer agents track changing ownership of securities, a function the SEC said has been disrupted by onchain transactions that occur instantly and openly, including as tokenized securities gain traction.
CoinDesk reports the proposed transfer-agent rule is open for a 60-day comment period and is intended to modernize regulations last updated decades ago, including the use of electronic communications and blockchain technology in connection with securities offerings and the transfer of shares. SEC Chairman Paul Atkins said the proposal would reflect these technology and market changes.
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