On September 11, the yield on U.S. two-year Treasury notes rose by 15 basis points to 4.58%, marking the highest level since 2024.
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U.S. Two-Year Treasury Yield Rises 15 Basis Points to 4.58%, Highest Level Since 2024
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SEC Proposes Amendments to Transfer Agent Rules, Allowing Blockchain Ledgers as Official Records of Securities Ownership
On September 11, the U.S. Securities and Exchange Commission (SEC) proposed a new rule that aims to comprehensively amend the transfer agent rules that have been in place for decades. For the first time, the proposal explicitly allows electronic databases, including blockchain ledgers, to serve as official records of securities ownership. If approved, blockchain could become the 'primary securities document,' replacing the off-chain parallel ownership records that tokenized securities currently rely on. Currently, many tokenized securities operate on two sets of records: an on-chain token ledger and an official shareholder register. Once the proposal is passed, issuers and transfer agents may no longer need to maintain duplicate records and reconcile them after each transfer, thereby reducing operational friction and the risk of inconsistencies between on-chain records and legally recognized records. Eli Cohen, Chief Legal Officer of the tokenized fund platform Centrifuge, stated that this proposal could transform the current 'two-step' process into a 'one-step' process, allowing the blockchain itself to act as the primary securities document. However, the proposal does not imply that tokenized securities will be completely 'permissionless.' Joris Delanoue, CEO of the SEC-registered on-chain transfer agent Fairmint, pointed out that while the blockchain can remain open, assets must still comply with ownership and transfer rules, and regulatory controls such as identity verification and transfer restrictions will still be embedded in the tokens. Transfer agents will still need to handle administrative matters such as shareholder death, inheritance, and legal notifications, with processing times potentially reduced from 3-5 days to 1 day. The 60-day public comment period for the proposal will end in early November. -
SEC Proposes Amendments to Transfer Agent Rules, Allowing Blockchain Ledgers as Official Securities Ownership Records
On September 11, the U.S. Securities and Exchange Commission (SEC) proposed a new rule last week aimed at comprehensively revising the transfer agent rules that have been in place for decades. For the first time, it explicitly allows electronic databases, including blockchain ledgers, to serve as official records of securities ownership. If approved, blockchain is expected to become the 'primary securities document,' replacing the off-chain parallel ownership records that tokenized securities currently rely on. Currently, many tokenized securities operate on two sets of records: an on-chain token ledger and an official shareholder register. Once the proposal is passed, issuers and transfer agents may no longer need to maintain duplicate records and reconcile them after each transfer, thereby reducing operational friction and the risk of inconsistencies between on-chain records and legally recognized records. Eli Cohen, Chief Legal Officer of the tokenized fund platform Centrifuge, stated that the proposal could transform the current 'two-step' process into a 'one-step' process, allowing the blockchain itself to serve as the primary securities document. However, the proposal does not mean that tokenized securities will be completely 'permissionless.' Joris Delanoue, CEO of Fairmint, a registered on-chain transfer agent, pointed out that while the blockchain can remain open, assets must still comply with ownership and transfer rules, and regulatory controls such as identity verification and transfer restrictions will still be embedded in the tokens. Transfer agents will still need to handle administrative matters such as shareholder death, inheritance, and legal notifications, with processing times potentially reduced from 3-5 days to 1 day. The 60-day public comment period for the proposal will end in early November. -
Coinbase Renames Base App to Coinbase Wallet
On September 11, Coinbase announced that it has renamed the Base App back to Coinbase Wallet, reversing the decision made a year ago. The focus of the self-custody application is shifting towards trading and broader multi-chain access. Ryan Kass, the product lead for Coinbase Wallet, stated that the wallet will serve as a 'test kitchen' for products and assets not yet offered by the centralized exchange Coinbase, with the first case being perpetual contracts supported by Hyperliquid. The wallet also supports long-tail assets and plans to gradually integrate new chains as they launch. Additionally, the wallet supports prediction markets and tokenized stocks. Coinbase indicated that the Base App has evolved into a broader multi-chain trading platform, making the restoration of the Coinbase Wallet name a reasonable decision. The wallet is promoted with the selling points of 'no KYC, no waiting, and no borders,' allowing users to start trading within minutes after downloading the app, although some features remain region-restricted. The wallet will automatically detect and hide scam or malicious tokens, and new markets and asset classes must undergo rigorous product and compliance reviews before launch. In terms of background, Coinbase renamed Coinbase Wallet to Base App in July 2025, positioning it as a 'universal app' that integrates social features, mini-apps, messaging, payments, and trading. CEO Brian Armstrong acknowledged in March this year that the social experiment was 'not very successful,' after which Base founder Jesse Pollak handed over leadership of the app to Jordan 'Cobie' Fish. -
Coinbase Renames Base App to Coinbase Wallet
On September 11, Coinbase announced the renaming of Base App to Coinbase Wallet, reversing the decision made a year ago and shifting the focus of the self-custody application towards trading and broader multi-chain access. Ryan Kass, the product lead for Coinbase Wallet, stated that the wallet will serve as a 'test kitchen' for products and assets not yet offered by the centralized exchange. The first case is a perpetual contract supported by Hyperliquid, and the wallet will also support long-tail assets, with plans to gradually integrate new chains as they launch. The wallet also supports prediction markets and tokenized stocks. Coinbase indicated that the Base App has evolved into a broader multi-chain trading platform, making the restoration of the Coinbase Wallet name a logical move. The wallet is promoted with the selling points of 'no KYC, no waiting, no borders,' allowing users to start trading within minutes after downloading the app, although some features remain regionally restricted. The wallet will automatically detect and hide fraudulent or malicious tokens, and new markets and asset classes must undergo rigorous product and compliance reviews before launch. In the background, Coinbase renamed Coinbase Wallet to Base App in July 2025, positioning it as a 'universal app' that integrates social, mini-apps, messaging, payments, and trading. CEO Brian Armstrong acknowledged in March this year that the social experiment was 'not very successful,' after which Base founder Jesse Pollak handed over the leadership of the app to Jordan 'Cobie' Fish. -
BTC Falls Below $77,000
Market data shows that BTC has fallen below $77,000, currently priced at $76,970, with a 24-hour decline of 3.24%. The market is experiencing significant volatility, so please ensure proper risk management. -
BTC Falls Below $77,000
Market data shows that BTC has fallen below $77,000, currently priced at $76,970, with a 24-hour decline of 3.24%. The market is experiencing significant volatility, so please ensure proper risk management. -
BTC Falls Below $78,000
Market data shows that BTC has fallen below $78,000, currently priced at $77,996.97, with a 24-hour decline of 1.61%. The market is experiencing significant volatility, so please ensure proper risk management. -
BTC Falls Below $78,000
Market data shows that BTC has fallen below $78,000, currently priced at $77,996.97, with a 24-hour decline of 1.61%. The market is experiencing significant volatility, so please ensure proper risk management. -
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US Spot Bitcoin ETF Sees Net Outflow of $120.2 Million Yesterday
On September 10, according to monitoring data from Farside Investors, the US spot Bitcoin ETF experienced a net outflow of $120.2 million yesterday.
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