[SEC Proposes Updates to Transfer Agent Rules, Focusing on On-Chain Equity Registration and Avoiding a 'New Paper Crisis'] According to CoinDesk, on September 1, the U.S. SEC proposed the first major revisions to transfer agent rules since the 1970s, aiming to incorporate blockchain technology into the securities registration and settlement system. The proposal emphasizes that transfer agents, as the 'official register' of equity ownership, may use distributed ledger technology in the future to record and transfer securities. However, it is necessary to avoid risks of ownership data fragmentation caused by the coexistence of token wrappers, SPVs, broker-dealer internal ledgers, and offline databases. Institutions like Fairmint advocate for using on-chain cap tables themselves as the official ledger required under Section 17A of the Securities Exchange Act, rather than having tokens merely serve as 'wrappers' for offline equity.