SEC approves Paxos as 'blockchain-native' clearing agency

The SEC order gives PSSC temporary registration for up to 18 months, caps the first-year ramp at 10 participants, and still requires Paxos plus every participant to be DTC members. DTCC stays in the loop while Paxos gets a live venue to prove same-day bilateral DVP on a permissioned ledger can handle settlement finality, corporate actions, and Reg SCI-level controls. If broker-dealers push actual flow through this, it is a cleaner institutional RWA path than another tokenized T-bill wrapper: settlement infrastructure first, product wrappers later.

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More coverage

• Paxos files to become SEC-registered clearing agency (waterstechnology.com)
• Paxos Securities Settlement Company, LLC (PSSC) — Form CA-1 ... (sec.gov)
• Paxos Securities Settlement Company, LLC; Order Granting an ... (federalregister.gov)
• Paxos Securities Settlement Company, LLC; Notice of Filing of an ... (federalregister.gov)
• Paxos Securities Settlement Company, LLC - SEC.gov (sec.gov)

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