Hi @Joachim (and ERC-3643 community),
Congratulations on the $28B+ tokenized through T-REX - that’s impressive real-world validation.
I’m working on ERC-1450, a complementary standard specifically designed for US-regulated securities where SEC rules require a Registered Transfer Agent (RTA) to have exclusive control over all token operations.
How Our Approaches Differ
| Aspect | ERC-3643 (T-REX) | ERC-1450 |
|---|---|---|
| Control Model | Validator system (multiple validators can approve) | RTA-exclusive (single regulated entity controls all operations) |
| Transfer Flow | Automatic if validators approve | Request → RTA Review → Execute |
| Compliance Check | On-chain identity registry + claim validators | Off-chain KYC/AML, RTA makes final decision |
| transfer() behavior | Works if compliant | Always reverts (only RTA can move tokens) |
| Target Jurisdiction | Global / EU MiCA friendly | US SEC regulations (Reg CF, Reg D, Reg A+) |
Why a Separate Standard?
US securities law has a specific requirement: the Registered Transfer Agent (a SEC-registered entity) must maintain exclusive control over the shareholder registry and all transfers. This isn’t just a compliance preference - it’s a legal requirement under the Securities Exchange Act.
ERC-3643’s validator model is elegant for jurisdictions with flexible compliance frameworks, but for US securities:
- The RTA cannot delegate transfer authority to on-chain validators
- Every transfer must go through RTA review (even if automated on their end)
- transfer() and approve() must be disabled to prevent unauthorized movement
Questions for the Community
- Interoperability: Has anyone explored bridges between validator-controlled (ERC-3643) and controller-controlled (ERC-1450/ERC-1400) security tokens? A US company might issue under ERC-1450 domestically but want ERC-3643 compatibility for EU secondary trading.
- Claim Issuers: In ERC-3643, claim issuers verify identity. In the US, the RTA performs this function. Could an RTA act as a claim issuer in a hybrid model?
- Identity Registry: We handle identity entirely off-chain (the RTA’s database). What’s been your experience with on-chain vs off-chain identity for regulatory audits?
Resources
- Discussion: ERC-1450: RTA-Controlled Security Token Standard
- PR: Update ERC-1450: Move to Draft by devender-startengine · Pull Request #1335 · ethereum/ERCs · GitHub
- Reference Implementation: GitHub - StartEngine/erc1450-reference (643 tests, 86%+ coverage, Halborn audit in progress)
We’ve tokenized $1B+ in compliant offerings using this model operationally - now formalizing it as an ERC.
Would love to hear thoughts from those who’ve worked across multiple jurisdictions. Are there patterns from ERC-3643 deployments that could inform cross-standard compatibility?
Best,
Devender
StartEngine