Paxos has become the first blockchain-native firm to receive full SEC approval as a registered clearing agency, setting the stage for same-day settlement in traditional capital markets.
SEC Opens Wall Street Plumbing For Blockchain TechnologyCharles Cascarilla, the chief executive officer and co-founder of Paxos, highlighted the arduous regulatory journey during the Thursday announcement, stating:
“Our clearing agency registration is the result of seven years of work with the SEC, 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.”
He further emphasized that the approval allows the company to offer “the most complete infrastructure” for financial partners seeking to evolve alongside the blockchain-enabled tech realm.
