The SEC has proposed letting blockchain ledgers count as the official legal record of securities ownership, addressing a long-standing split between on-chain and off-chain tokenized-stock records. Fairmint's Joris Delanoue argues the industry still needs to separate ownership from backing, while the SEC separately revisits its crypto custody rules.
Tokenized stocks currently carry two separate ownership records: one on the blockchain showing which wallet holds the token, and another kept by a legally recognized transfer agent. The SEC's new proposal would let electronic databases, including blockchain ledgers, serve as the official record of securities ownership instead.
Blockchain as the master file
Under the plan, a blockchain ledger could become the "master securityholder file" rather than sitting alongside a separate off-chain register. That would cut the need for reconciliation between the two records and reduce the legal and operational risk that comes with conflicting entries, particularly in disputes such as bankruptcy proceedings.
Blockchain-based securities would still remain subject to existing securities laws, and off-chain records would not disappear entirely. Transfer agents would still keep a control book tracking how many securities are authorized and outstanding, along with a transfer journal recording issuance, cancellation, and transfer activity. The goal is to eliminate the duplicate ownership register, not every supporting database.
Ownership versus backing
Fairmint co-founder and CEO Joris Delanoue pointed out a distinction that he says the tokenized-stock industry needs to address. According to Delanoue: "1:1 backed is not the same as 1:1 ownership."
His point is that the industry needs to be clearer about whether tokenized assets give investors actual legal ownership of the underlying securities or simply exposure to assets held by an intermediary. That distinction matters more under the SEC's proposal, since it focuses on making the ownership record itself authoritative.
Wider regulatory moves
The transfer-agent proposal comes as the SEC is also revisiting its crypto custody rules, preparing amendments to the Custody Rule that are currently under White House OIRA review and are expected to be published by October 2026.
Separately, Thailand has laid out plans to tighten crypto rules from February 27, 2027, requiring licensed exchanges to track peer-to-peer transfers and identify counterparties, including users' self-hosted wallets. Under its new Travel Rule for Digital Assets, exchanges will have to record and retain sender and beneficiary information for at least five years.
Source: AMBCrypto
Trading involves risk.
Risk Disclaimer
