How Transfer Agency Requirements Are Met With Blockchain Infrastructure

On May 15, 2025, the SEC issued guidance acknowledging the viability of public-blockchain infrastructure as a foundation for registered transfer agents, incorporating Chainlink Labs' recommendations after extensive discussions with the SEC's Crypto Task Force. The guidance addressed three key questions about blockchain's capability in transfer agency functions: its adequacy as a primary recordkeeping system, the use of smart contracts for safeguarding assets and enforcing transfer restrictions, and the ability to meet privacy obligations on public blockchains. The SEC confirmed that blockchain ledgers can serve as official master securityholder files, eliminating the need for offchain copies, provided they meet specific requirements. Smart contracts can automate transfer restrictions to ensure compliance and protect assets, and privacy concerns can be managed by separating ownership records from identity data, using cryptographic proofs to maintain confidentiality. By recognizing blockchain as a compliant technology, the SEC paves the way for integrating blockchain infrastructure into regulated financial markets, enhancing transparency, efficiency, and regulatory alignment.

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