'First and only': Paxos secures SEC registration as clearing and settlement agency
Paxos announced Thursday that its subsidiary, Paxos Securities Settlement Company (PSSC), has received registration as a clearing agency from the U.S. Securities and Exchange Commission, under the Securities Exchange Act of 1934.
The registration allows PSSC to offer clearing and settlement services for eligible securities transactions, according to its release. The company said it is the "first and only blockchain-native" firm to get such approval from the SEC.
"Our clearing agency registration is the result of seven years of work with the SEC," said Charles Cascarilla, CEO and co-founder of Paxos. "Most importantly, it allows us to offer the most complete infrastructure for our partners to continue evolving with the market and blockchain technology."
Paxos said it has been conducting clearing and settlement pilots of U.S. equities with major global financial institutions since 2020 under the SEC's no-action relief. The pilots demonstrated that blockchain-based post-trade infrastructure could bring efficiency through same-day settlements and reduced costs, per the release.
"The approval represents a critical piece of financial market infrastructure as blockchain technology and traditional capital markets continue to converge," Paxos said.
Paxos has partnered with companies such as PayPal, Interactive Brokers, Mastercard, and Mercado Libre, and issues multiple stablecoins, including PayPal USD (PYUSD) and Pax Gold (PAXG).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SpaceX (SPCX.US) stock price plunges 40%, causing Musk’s net worth to shrink by $48.5 billion
Impacted by concerns over an AI bubble, SpaceX's stock price dropped to $134, causing Elon Musk to lose over $48.5 billion in a single day. Although AI revenue reached $7.56 billion, capital expenditures of $16.4 billion weighed down the valuation. Meanwhile, Tesla rose 34% against the trend due to merger expectations.
Intel (INTC.US) Faces Worst Post-Earnings Selloff in Nearly 50 Years! Major Institutions Lower Target Price, While Technical Analysts See a Buying Opportunity
On the Seeking Alpha platform, several analysts have upgraded their ratings for Intel.
OPEC+ maintains December production target as expected, November 29 decision on next year's framework is the real test
OPEC+ maintains its oil production target for December unchanged.
After the massive sell-off in tech stocks, US stocks face another crucial week: midterm elections, major earnings reports, and nonfarm payrolls taking turns
This week, the market focus has shifted to the U.S. midterm elections, the October non-farm payroll report, and more earnings reports from major companies.
Crypto prices
More
