The most important question regarding tokenized securities now. 👇 "The SEC has already made clear that putting a security onchain does not alter the application of the securities laws. Beneficial-ownership reporting, transfer restrictions, sanctions controls and the broader BSA/KYC stack surrounding brokers, custodians and regulated financial institutions will not evaporate because the certificate became a token. On the other hand, the proposal itself asks whether requiring full names and physical addresses creates unnecessary unauthorized-disclosure risk. There is an enormous policy gap between “a blockchain may maintain the ownership record” and “any anonymous wallet may freely receive the security.” Still, changing the transfer agent rule would matter. It could reduce the amount of personally identifiable information parked in centralized, breachable databases."(Arthur)