The Digital Chamber and the Blockchain Association have submitted formal recommendations to the U.S. Securities and Exchange Commission as the regulator works to modernize transfer agent rules, with both groups calling for clearer treatment of distributed ledger technology and neutral software infrastructure.
In a statement dated November 4, 2026, the Digital Chamber outlined essential changes, including defining distributed ledger technology as the official master securityholder file. The group also advocated for preserving issuer and transfer agent choice among same-issue structures and proposed replacing potential new gatekeeping obligations with an actual-knowledge standard. According to the organization, these changes would promote competitive practices and create a more flexible compliance environment for crypto entities.
Separately, the Blockchain Association urged the SEC to clarify that developers of neutral software or infrastructure should not automatically be classified as transfer agents. The Association said the guidance is pivotal for building a workable framework that protects investors while supporting U.S. leadership in next-generation markets. It also expressed appreciation for the SEC’s commitment to modernizing the rules and stressed that a clear definition of developer responsibilities could reduce compliance burdens and support on-chain capital markets.
Why it matters: The comments highlight growing industry pressure on the SEC to adapt securities infrastructure rules to blockchain-based recordkeeping. If adopted, the recommendations could reshape compliance requirements for transfer agents, issuers, and developers, while offering greater regulatory clarity for digital asset markets.
Market participants should monitor how the SEC responds to these proposals, as any formal updates could signal a more accommodating framework for crypto compliance and infrastructure innovation.
