Paxos Subsidiary SEC Clearing Agency Approval

Paxos Securities Settlement Company>>>, a subsidiary of EITC>>>, has been registered by the United States — United States Securities and Exchange Commission>>> as a clearing agency under federal securities law. This landmark approval makes Paxos Securities Settlement Company>>> the first and only blockchain-native firm authorized to provide clearing and settlement services as a central securities depository in the United States>>>. The registration follows a seven-year engagement with the United States — United States Securities and Exchange Commission>>>, including a 2019 no-action letter and a successful pilot program for U.S. equities settlement with major financial institutions like UBS Group — Credit Suisse>>> and Société Générale>>>. This development positions Paxos Securities Settlement Company>>> to challenge the long-standing dominance of Depository Trust & Clearing Corporation and potentially revolutionize securities settlement by enabling same-day settlement, reducing costs, and enhancing operational efficiency. The approval also comes after EITC>>> resolved past regulatory issues, including a dropped United States — United States Securities and Exchange Commission>>> investigation into its BUSD stablecoin and a settlement with the United States — New York State Department of Financial Services>>>.