The U.S. Securities and Exchange Commission (SEC) on Sept. 1 proposed the first major update to its transfer-agent rules since the late 1970s. The proposal aims to modernize securities rules for the burgeoning world of tokenization, with Chair Paul Atkins noting the rules should reflect the use of “blockchain technology in connection with securities offerings and the transfer of shares.” Fairmint's Joris Delanoue argues this is a recognition of blockchain's power for record-keeping, but warns against repeating a “Paperwork Crisis” for the blockchain age if ownership data remains fragmented across multiple ledgers.