Recently, three developments have emerged in U.S. and UK crypto regulation: the SEC plans to amend transfer agent rules to bring blockchain into securities registration and settlement; the UK FCA has opened applications for crypto firm authorization and set October 2027 for full regulation; and Coinbase has received CFTC approval to clear derivatives, with support for USDC collateral and 24-hour settlement.
SEC Transfer Agent Rule Amendments
The U.S. SEC plans to amend its transfer agent rules, the first major revision since the 1970s. According to disclosures, the amendments will promote on-chain equity registration and securities settlement and incorporate blockchain into the securities registration and settlement system. This means blockchain technology is no longer confined to peripheral discussion but has entered the scope of securities registration, settlement, and transfer agent rule adjustments. The key focus of the amendments is how blockchain will be incorporated into the securities registration and settlement system and how transfer agent rules will adapt to the needs of on-chain equity registration and securities settlement. As this is the first major revision since the 1970s, its institutional impact may cover multiple areas including securities registration, transfer, and settlement.
RWA and Tokenized Securities Infrastructure in Focus
In the SEC's rule amendments, RWA and tokenized securities infrastructure are directly listed as affected areas. RWA generally involves bringing real-world assets on-chain, while tokenized securities involve the on-chain representation and transfer of securities interests. Whether asset registration, transfer agency, or securities settlement, all are foundational components of tokenized securities operations. The SEC's push for on-chain equity registration and securities settlement means that related infrastructure needs to align with the securities regulatory framework. For RWA and tokenized securities, the clarity of registration and settlement rules will affect their compliance paths and business models. The amendments may prompt relevant participants to reassess on-chain registration, transfer agency, and settlement arrangements to comply with the requirements of the securities registration and settlement system.
UK FCA Opens Crypto Asset Authorization Applications
The UK FCA has officially opened applications for crypto asset firm authorization and set October 2027 for the implementation of full regulation. This arrangement affects the compliance paths of all crypto firms operating in the UK. The FCA's opening of authorization applications means crypto firms can begin the formal authorization process; the October 2027 date sets a clear deadline for the implementation of the full regulatory regime. For crypto firms operating in the UK, authorization applications, regulatory compliance, and business adjustments will become important tasks over the next few years. The FCA's regulatory regime covers crypto asset firms, and firms operating in the UK need to obtain authorization or meet corresponding requirements under the new regulatory regime. With the implementation date for full regulation now clear, firms need to complete compliance preparations before then. The FCA's opening of authorization applications is an important step in the UK's crypto asset regulatory regime moving from rulemaking to implementation.
Coinbase Receives CFTC Approval to Clear Derivatives
In the U.S. derivatives market, Coinbase has received CFTC approval to clear derivatives. Coinbase Clearing has been approved by the CFTC to register as a DCO, enabling it to achieve a proprietary full-chain closed loop across brokerage, listing, and clearing. The development also includes support for USDC collateral and 24-hour settlement. The DCO registration approval gives Coinbase Clearing the qualifications to clear derivatives, while the proprietary full-chain closed loop across brokerage, listing, and clearing means its role in the derivatives business chain has further expanded. USDC collateral and 24-hour settlement are key features of the approved arrangement, indicating that the clearing business has specific arrangements for collateral assets and settlement timeliness. For mainstream trading platforms, building a compliant derivatives presence is an important direction, and Coinbase Clearing's CFTC approval marks its progress in this direction.
Links Among the Three Developments and Institutional Signals
In terms of event types, the SEC transfer agent rule amendments, the FCA's opening of crypto asset authorization applications, and Coinbase's CFTC approval to clear derivatives respectively correspond to U.S. securities regulation, UK crypto firm admission regulation, and U.S. derivatives clearing regulation. The three are not the same specific policy, but they all point to institutional arrangements by U.S. and UK regulators for crypto assets and related infrastructure. The SEC focuses on blockchain's position in the securities registration and settlement system, the FCA focuses on authorization and the timetable for full regulation of crypto firms operating in the UK, and the CFTC, through DCO approval, focuses on derivatives clearing qualifications and settlement arrangements. Together, they reflect that crypto asset regulation is moving from discussions of principles into specific rules, authorization, and licensing implementation.
What to Watch Next
Going forward, attention should be paid to the specific text, scope of application, and implementation pace of the SEC's transfer agent rule amendments, especially how blockchain will be incorporated into the securities registration and settlement system and the actual impact on RWA and tokenized securities infrastructure. In the UK, attention should be paid to the acceptance and review progress of FCA authorization applications, as well as transition arrangements before the implementation of full regulation in October 2027. In U.S. derivatives, attention should be paid to Coinbase Clearing's business operations after approval, including the actual operation of USDC collateral and 24-hour settlement. The above information is part of the evolution of the regulatory and compliance framework, and formal rules, authorization results, and business operating data will determine the final effect of the relevant arrangements.