On September 30, according to a CoinDesk opinion article, the U.S. SEC proposed its first major overhaul of transfer agent rules since the late 1970s on September 1. Chairman Paul Atkins stated that the rules should reflect current operational practices, including the use of blockchain in securities issuance and share transfers. The article, authored by Joris Delanoue, argues that this is not a blanket endorsement of tokenization but rather an acknowledgment of blockchain's record-keeping capabilities. It warns that if ownership data is scattered across token wrappers, SPVs, broker-dealer ledgers, and off-chain databases, it could lead to a repeat of the 'paper crisis' of the late 1960s. The author asserts that 'tokens are not equity, but equity can be tokens,' and suggests that the SEC differentiate between native on-chain registration and wrappers, use cryptographic credentials or digital IDs to identify holders, and recognize programmable compliance.