Paxos Becomes First Blockchain-Native Firm to Secure SEC Clearing Agency Registration on May 28

According to Paxos' announcement on May 28, Paxos Securities Settlement Company (PSSC) received SEC registration as a clearing agency under Section 17A of the Securities Exchange Act of 1934, making it the first and only blockchain-native company approved to provide clearing and settlement services as a central securities depository in the United States. CEO Charles Cascarilla attributed the milestone to seven years of regulatory engagement with the SEC, including a no-action letter in 2019 and pilot operations with major financial institutions since February 2020. PSSC can now provide clearing and settlement services for eligible securities transactions, enabling same-day settlement and improved operational efficiency.
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