Paxos wins SEC approval to clear U.S. stocks on blockchain
1 min readAnalysis by AlgoThesis Editorial Desk
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The story
Paxos has received SEC approval to operate as a clearing agency for U.S. equities using blockchain, putting it in direct competition with DTCC for post-trade infrastructure. This is a landmark regulatory green light that could accelerate TradFi adoption of blockchain settlement rails and pressure legacy clearing incumbents.
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The house read
Wrong ifAdoption timelines for clearinghouse transitions are notoriously slow — DTCC's entrenched network effects and counterparty inertia could mean Paxos approval is a press-release event with no near-term revenue impact, collapsing the thesis before it plays out. Additionally, if GS/JPM sell the news, the long leg fails immediately.
Published read · research, not advice