Paxos Wins SEC Clearing Agency Registration, First for a Blockchain Firm
Summary
- Paxos said its subsidiary, Paxos Securities Settlement Company (PSSC), was formally registered with the US SEC as a clearing agency.
- The registration allows PSSC to provide clearing and settlement services for eligible securities transactions.
- Paxos said it has operated US equities clearing and settlement services with major global financial institutions since 2020, demonstrating improved settlement efficiency through blockchain-based post-trade infrastructure.
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Blockchain infrastructure company Paxos has registered with the US Securities and Exchange Commission as a clearing agency.
Paxos said May 28 that its subsidiary, Paxos Securities Settlement Company, or PSSC, was formally registered with the SEC as a clearing agency.
The registration allows PSSC to provide clearing and settlement services for eligible securities transactions, the company said. Paxos added that it is the first blockchain firm to receive an SEC clearing agency license.
Chief Executive Officer Charles Cascarilla said the registration followed seven years of discussions with the SEC.
Paxos has operated US equities clearing and settlement services with major global financial institutions since 2020. The company said that experience showed higher settlement efficiency through blockchain-based post-trade infrastructure.
Paxos is also the issuer of PayPal USD, or PYUSD, and Pax Gold, or PAXG.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
