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first_img The U.S. SEC plans to amend the transfer agent rules to allow blockchain ledgers to serve as official records of securities ownership

The U.S. Securities and Exchange Commission (SEC) proposed a new rule last week to comprehensively revise the transfer agent rules that have been in place for decades, explicitly allowing electronic databases, including blockchain ledgers, to serve as the official record of securities ownership for the first time. If approved, blockchain is expected to become the "master security document," replacing the off-chain parallel ownership records that tokenized securities currently rely on.Currently, many tokenized securities operate on two sets of records: on-chain token ledgers and official shareholder registers. Once the proposal is passed, issuers and transfer agents may no longer need to maintain duplicate records and reconcile them after each transfer, thereby reducing operational friction and the risk of inconsistencies between on-chain records and legally recognized records. Eli Cohen, Chief Legal Officer of the tokenized fund platform Centrifuge, stated that this proposal could transform the current "two-step" process into a "one-step" process, allowing the blockchain itself to act as the master security document.However, the proposal does not mean that tokenized securities are completely "permissionless." Joris Delanoue, CEO of the registered on-chain transfer agent Fairmint, pointed out that while the blockchain can remain open, assets must still comply with ownership and transfer rules, and regulatory controls such as identity verification and transfer restrictions are still embedded in the tokens. Transfer agents will still need to handle administrative matters such as shareholder death, inheritance, and legal notifications, with processing times potentially reduced from 3-5 days to 1 day. The 60-day public comment period for the proposal will end in early November.

first_img Metaplanet's options pool has caused shareholder dissatisfaction, CEO responds to the concerns

The tenth round of executive option pool at Japan's Bitcoin treasury company Metaplanet continues to spark shareholder dissatisfaction. This option pool was originally designed to be 20% of the fully diluted equity and automatically expands as the company issues new shares to increase its Bitcoin holdings. Some shareholders are calling for the cancellation of the newly added 273 million shares and for greater transparency in future decision-making. On August 18, Metaplanet froze the option pool at 319.5 million shares, but critics argue that this actually amplifies the dilution for existing shareholders, as the option pool increased from 46 million shares to 319.5 million shares.Metaplanet CEO Simon Gerovich has committed to re-evaluating the company's governance and compensation policies and clarifying its relationship with shareholder MMXX Ventures, stating that it is merely a non-controlling significant shareholder of MMXX's parent company and does not hold an executive position. On August 31, Metaplanet disclosed that Gerovich had exercised 92,000 shares from the option pool. Matthew Sigel, head of digital asset research at VanEck, suggested freezing further exercise rights of the tenth round option pool, allowing holders to voluntarily waive excess rights, and replacing the tenth round option pool with a five-year incentive plan primarily linked to each share's fully diluted Bitcoin holdings, approved by shareholders.In its announcement on August 18, Metaplanet acknowledged that the decision to expand the option pool "amplified the dilution borne by existing shareholders." As of Wednesday's close in Tokyo, Metaplanet's stock price rose, narrowing the five-day decline to about 16.3%.

first_img Scroll plans to transform into an AI dedicated network, SCR will migrate to the Ethereum mainnet

Scroll Governance Forum posted that the team will recently apply AI extensively in operations and product development. Previously, core chain operations required over 20 engineers, but now it is completed by fewer dedicated engineers in conjunction with AI agents, while maintaining existing usability and security standards. The team believes that blockchain can provide a trusted coordination layer to define and execute rules, and ZK can help agents interact with credentials, private data, and computations without exposing underlying information.The team is building an interconnected product stack: Compass is an iOS application that can access the large models and functions provided by the Compass API, and includes VPN and eSIM; Compass API is the AI routing infrastructure, connecting over 30 large models; CENO provides a trust layer through ZK, protecting credentials, agent context, and privacy computations; USX is used for payments and settlements; SCR continues to coordinate governance; the Scroll network serves as a trust and coordination layer. CENO has reached out to over 30 potential clients, of which 12 are participating in proof of concept testing.The team plans to gradually transform Scroll from a general public chain into a dedicated network centered around Compass and the AI product stack, with an overall transition expected to take about nine months. According to the current plan, SCR will migrate to the Ethereum mainnet to maintain accessibility and liquidity, with supply and token economics remaining unchanged, and will continue to serve as a governance token. This post is only a progress update, not an official proposal or vote, and further proposals regarding the network transformation and matters requiring DAO approval will be made separately.
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