SEC tokenized stock plan targets the register, not the token: Bitget analyst
The SEC has proposed a 60-day rulemaking process to modernize transfer-agent systems for blockchain records as offshore demand for tokenized stocks grows. SummarySEC rules would permit transfer agents to use blockchain-based systems for securities records.The proposal does not make tokens legal shares or grant holders shareholder rights.Bitget recorded $1.16 billion in tokenized-stock volume from June 2 to July 19.Shared ownership records remain necessary for US and offshore products to become interchangeable. Bitget Research Chief Analyst Ryan Lee told crypto.news that the SECs proposal addresses a part of tokenized stock markets that has received less attention than trading venues: the official record showing who legally owns each share. Most tokenized stock products available outside the United States give investors price exposure through a synthetic or custodial structure, Lee said. Under such arrangements, a platform or custodian holds the underlying security, while the investor owns a token carrying a claim against that intermediary. “The key difference is how ownership is recorded, not the token itself,” Lee said. In the traditional US market, registered transfer agents maintain issuer records, process ownership changes, and help manage corporate actions. Connecting a token to an authoritative transfer-agent register could allow legal ownership to appear on the same official record used for









