According to CoinDesk, on September 1, the U.S. Securities and Exchange Commission (SEC) proposed a significant update to transfer agent rules for the first time since the 1970s. Chairman Paul Atkins explicitly stated that the rules should encompass the application of blockchain technology in securities issuance and equity transfers. Joris Delanoue, co-founder of Fairmint, noted that if ownership data is dispersed among token encapsulation layers, SPVs, broker-dealer internal ledgers, and off-chain databases, it would replay the historical 'paperwork crisis' of the late 1960s. He emphasized that tokens themselves should serve as the official ledger required by Section 17A of the Securities Exchange Act, rather than as encapsulated substitutes for off-chain securities. The article calls for the industry to integrate ownership data around unified open standards and suggests that the SEC differentiate between native on-chain registration and third-party encapsulation models in Form TA-2, allow the use of cryptographic credentials and other modern identity identifiers, and incorporate pre-trade restrictions on smart contracts into compliance enforcement mechanisms.