The U.S. Securities and Exchange Commission has proposed a 60-day rulemaking process to update transfer-agent rules and allow electronic communications and blockchain technology in securities records, as offshore demand for tokenized stocks expands. The proposal, published on September 1, addresses the authoritative record of who legally owns a security rather than the trading venues, token structures or legal status of tokenized shares. It would update federal rules and forms covering registration, reporting, recordkeeping, and safeguards for securities and funds; the SEC says the existing framework has not received a substantial update since the late 1970s and early 1980s. Public comments will remain open for 60 days after publication in the Federal Register. The initiative would not automatically turn a token into the underlying share or give holders voting, dividend, or other shareholder rights. Many offshore products provide price exposure through synthetic or custodial structures in which a platform or custodian holds the security and the investor owns a tokenized claim against that intermediary. Bitget recorded $1.16 billion in tokenized-stock trading volume from June 2 to July 19, with activity concentrated in semiconductor and technology companies. A shared authoritative register, cross-border recognition, interoperable settlement, and consistent handling of corporate actions would be needed for U.S.-regulated and offshore tokenized shares to become legally interchangeable. The market is also drawing investment in registry infrastructure, including Bullish's planned $4.2 billion acquisition of Equiniti, which is expected to close in early 2027 subject to regulatory approvals.