The U.S. Securities and Exchange Commission has proposed its biggest modernization of transfer-agent rules in decades, explicitly bringing blockchain-based recordkeeping and tokenized securities into a framework largely written during the era of paper share certificates.
The SEC said Sept. 1 that its proposal would update the rules and forms governing registered transfer agents, which maintain issuers’ official securities ownership records and process transfers. Chairman Paul Atkins said the overhaul is intended to reflect modern operations, including blockchain technology used in securities offerings and share transfers.
Importantly, this remains a proposal, not an adopted rule. Comments will remain open for 60 days after publication in the Federal Register.
Blockchain Moves Into the SEC's Transfer-Agent Framework
The SEC's official fact sheet says the changes would modernize transfer-agent rules to reflect electronic and blockchain-based recordkeeping, as well as uncertificated securities. Transfer agents currently perform functions including issuance, cancellation and transfers while maintaining the official ownership record for an issuer's securities.
Commissioner Hester Peirce went further in describing the direction of travel, saying market participants are looking toward a future in which many shares are tokenized. She specifically asked whether transfer-agent rules should be adjusted to facilitate onchain trading of tokenized securities, including potentially recognizing digital-wallet addresses alongside traditional shareholder information.
That distinction matters. The SEC has not endorsed the XRP Ledger or any particular blockchain. Instead, it is proposing technology-neutral infrastructure rules that could make blockchain-native securities administration easier to fit within the existing regulated market structure.
The XRP Ledger Angle Is Already Taking Shape
For XRP investors, the timing is notable because Ripple and the XRP Ledger are already moving deeper into the same institutional tokenization market.
On Tuesday, Ripple announced a partnership with SettleMint combining Ripple Custody with tokenized-asset issuance and management for regulated institutions in Asia-Pacific. The integration covers issuance, compliance, settlement and servicing, giving institutions a broader stack for managing tokenized assets.
That follows Aviva Investors' launch of a tokenized liquidity-fund share class on XRPL and a Ripple, Mastercard, Ondo and JPMorgan pilot that used XRPL for a tokenized Treasury redemption.
Ripple has also invested in ZILO and Licuido as it develops infrastructure around issuance, transfer agency and collateral mobility. Ripple's capital-markets expansion
XRP Holds Near $1.38 as Regulatory Infrastructure Develops
The regulatory development has not triggered an outsized XRP move. XRP was trading around $1.38, up roughly 0.3% over 24 hours, with a market capitalization near $86.4 billion. It remains down about 6.4% over seven days.
Institutional exposure is nevertheless expanding separately: reported U.S. spot XRP ETF inflows are approaching $1.8 billion, while Goldman Sachs has emerged as the largest disclosed institutional XRP ETF holder with about $87.4 million. XRP ETF institutional holdings
The SEC proposal therefore does not give XRPL special regulatory status. Its significance is broader: Washington is beginning to rewrite core securities-market infrastructure rules around a world where ownership records and securities transfers can operate on blockchain rails. For an XRP Ledger ecosystem already targeting regulated tokenized assets, that is a considerably more concrete development than another general statement about crypto adoption.
