The registration makes Paxos the “only blockchain-native firm” approved by the SEC to operate as a central securities depository in the United States, the company said in a press release.
Paxos Securities Settlement Company has been granted registration as a clearing agency by the SEC.
We are now the only blockchain-native firm registered to provide clearing and settlement infrastructure as a central securities depository in the United States.
With this…
The SEC order describes the approval as a temporary registration, allowing the company to provide clearing and settlement services while meeting ongoing regulatory requirements. "Most importantly, it allows us to offer the most complete infrastructure for our partners to continue evolving with the market and blockchain technology," Paxos CEO and Co-Founder Charles Cascarilla said in a statement.
The milestone caps a seven-year regulatory journey, Cascarilla said, “beginning with our No-Action Letter in 2019 and the settlement pilot we operated with some of the world's largest and most sophisticated financial institutions."
