Paxos, the leading blockchain infrastructure platform, announced that its subsidiary, Paxos Securities Settlement Company, LLC (PSSC), has been granted registration as a clearing agency by the U.S. Securities and Exchange Commission (SEC) under Section 17A of the Securities Exchange Act of 1934.
The registration makes PSSC the only blockchain-native firm approved by the SEC as a registered clearing agency to provide clearing and settlement services as a central securities depository in the United States. The approval represents a critical piece of financial market infrastructure as blockchain technology and traditional capital markets continue to converge.
“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,” said Charles Cascarilla, CEO and Co-Founder of Paxos. “As a registered clearing agency, PSSC is able to provide clearing and settlement services for transactions in eligible securities. Most importantly, it allows us to offer the most complete infrastructure for our partners to continue evolving with the market and blockchain technology.”
PSSC’s registration builds on a multi-year track record in live clearing and settlement. Beginning in February 2020, under SEC no action relief, Paxos operated the clearing and settling of U.S. equities on a daily basis with participation from top global financial institutions. This successfully demonstrated that blockchain-based post-trade infrastructure could deliver same-day settlement, reduce costs and improve operational efficiency within a fully regulated framework.
With this registration, Paxos adds another critical capability to an infrastructure platform already trusted by leading global enterprises to build, launch and scale digital asset products. Paxos enables partners to modernize faster, confidently bring new products to market and reliably expand into the future of financial services with a regulated foundation.
Source: Paxos
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