SEC proposes transfer agent rule, sets event to figure out round-the-clock U.S. trading
The SEC is hosting a roundtable to discuss the feasibility of 24/7 U.S. market trading and has proposed new rules to modernize transfer agent operations. The proposal aims to integrate blockchain technology and digital identifiers into the official record-keeping process for securities.
Why it matters
This represents a significant regulatory shift toward legitimizing blockchain infrastructure within traditional finance and potentially enabling continuous global market access.
The Sept. 17 roundtable at the SEC's Washington headquarters will bring together major securities names, including those who provide the financial infrastructure. The list includes NYSE, Nasdaq, State Street, Citadel Securities, Cboe and DTCC, plus more recent entrants such as Robinhood.
While the crypto industry was born into a technology that never closes, round-the-clock trading would be a profound step for the rest of the markets, and crypto broker-dealers could be subjected to rules that arise from this project. The panels will discuss how to approach overnight surveillance, closing-price practices and the clearing and settling of trades, plus some of the mechanics of such an endeavor, including how maintenance works on a continuous system.
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